Alok Sharma, J. - (1.) The matter comes up on an application of the Rajasthan State Industrial Development & Investment Corporation Ltd. (RIICO) under Rules 6 and 9 of the Companies (Court) Rules, 1959 (hereinafter 'the 1959 Rules') for direction to the Official Liquidator to hand over the possession of the assets of M/s. C.V. Steel Limited back to the applicant RIICO.
(2.) The relevant facts for adjudication of the application are that M/s. CV Steel Limited entered into a term loan agreement with the RIICO. Apparently on the borrower company having defaulted on its obligation on the repayment terms of the term loan agreement, RIICO in the exercise of powers under Sections 29 and 30 of the State Financial Corporations Act, 1951 (hereinafter 'the 1951 Act') took possession of the mortgaged assets of the aforesaid company some time in the year 2000. Thereafter in a winding up petition filed against the company this court under its order dated 19-7-2002 directed the respondent company to be wound up. The Official Liquidator took possession of the assets of the company from RIICO on 19-1-2007 as directed by the Company Court.
(3.) However thereafter the winding up order dated 19-7-2002 was recalled by this court on 5-8-2010 with certain conditions on an application filed by the directors of the company in winding up.;