AVON LIFESCIENCES LIMITED MEDAK DISTRICT Vs. ASHIKA CREDIT CAPITAL LTD KOLKATA

JUDGEMENT

(1.) This Original Side Appeal is filed against Order, dated 17-08-2017, in CP.No.184 of 2016, whereby the learned Company Judge, while admitting the Company Petition filed by the respondent for winding up of the appellant- Company for not being able to pay the debt, appointed the Official Liquidator as the Provisional Liquidator.

(2.) At the hearing, Mr.R.Raghunandan, learned Senior Counsel representing Mr.D.Narendar Naik, learned Counsel for the appellant, has fairly submitted that the appellant is not intending to press the Appeal to the extent it pertains to admission of the Company Petition. He further submitted that the order appointing the Official Liquidator as the Provisional Liquidator cannot be sustained for two reasons viz., (i) that the Petition for appointment of Provisional Liquidator can be entertained and an order thereon can be passed only after the admission of the Company Petition, but not along with the admission; and (ii) that neither any notice was issued nor any reasons, for dispensing with such notice or for appointing the Provisional Liquidator, have been assigned.

(3.) In support of his submissions, the learned Senior Counsel has relied upon Sub-Sections (1) and (2) of Section 450 of the Companies Act, 1956 r/w Rule 106 of the Companies (Courts) Rules, 1959, and the Judgments in Kailash Prasad Mishra and others vs. Medwin Laboratory P.Ltd. and others, (1988) 63 CompCas 810. and Himachal Grameen Sanchayka Ltd. and Anr., (2002) AIR H.P. 113