- (1.)IA . No. 7251 of 2008 has been filed on behalf of M/s Saraswati Engineering Pvt. Ltd. for discharging the applicant from any liability of the Company in liquidation, namely M/s Precision Blanking (India) Ltd.
(2.)THE company petition bearing C.P. No. 3/1992 was initiated on 4.3.1992 on the request of the Board for Industrial and Financial Reconstruction, Government of India under the provisions of Section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985, which was sent by the Government of India on 25.2.1992 for industrial and financial reconstruction of the Company, namely M/s Precision Banking (India) Ltd. Thereafter on 23.11.1992 winding up order was passed by this Court but by order dated 30.11.1992 the said order was stayed. However, finally on 26.2.1993 stay was vacated and, thereafter, winding up process started. On 30.7.1993 Ex - management filed its Statement of Affairs in prescribed proforma sworn by the Managing Director. It transpired that on 19.3.1996/ 5.4.1996 notice was sent by the Official Liquidator to the applicant asking it to deposit a sum of Rs. 2,08,596.88 being the sundry debt as submitted by the Ex -management of the Company in liquidation, which was for the period 1989 to January, 1991. A reply to the said notice was sent by the applicant on 2.5.1996 for details of outstanding as in the Books of Accounts of the applicant -Company no such dues was shown. It is stated that, thereafter, there was no response to the said reply of the applicant nor any detail was provided with respect to the alleged dues. Subsequently on 10.5.2004, the Official Liquidator submitted his report for notice/summons to the debtors for noncompliance of demand notice issued at the level of the Official Liquidator, whereafter warrant was issued in the year 2006 against the applicant. An interlocutory application bearing IA. No. 4325 of 2006 was filed on 11.10.2006, whereafter, the said warrant was recalled on the order of this Court dated 12.10.2006.
(3.)ON 23.11.2006, this Court passed an order in the instant case directing the counsel for the applicant to peruse the corresponding invoices, which were produced by the Official Liquidator to establish the dues and to clear the dues within two weeks, failing which, the warrant already issued against the Chief Executive Officer of the said Company shall be executed. The said order was challenged by the applicant in Company Appeal No. 5 of 2006, which was disposed of by a Division Bench of this Court on 1.3.2007 directing the Company Judge to reconsider the matter in view of IA. No. 4882 of 2006 filed by the applicant and to give an opportunity to the applicant - Company to file his objection to the corresponding invoices, if any and thereafter the matter would be heard by the learned Company Judge and necessary orders would be passed in accordance with law and till then the warrant of arrest issued against the applicant was kept in abeyance.