ARC HOLDINGS LTD Vs. DECCAN TRADERS P LTD

JUDGEMENT

(1.) Three appeals would relate to the company in liquidation. The Appeal No. 224 of 2012 would relate to the appeal of the purchaser Gourinandan Real Estate Private Limited as against the order of the learned Single Judge declining to grant any further clarification on the order of sale while other two appeals being APO No. 204 and 205 of 2011 would relate to appeals filed by ARC against the Order of the learned Judge dated April 20, 2011 directing sale of the assets on an application made by Sylvan Commercial Private Limited being CA No. 24 of 2009 and a similar application by Deccan Traders being C.A. No. 136 of 2009 respectivly.

(2.) Appeal No.249 and 250 of 2011 would represent the grievance of ARC as against the judgment and order dated July 15, 2011 passed by His Lordship confirming the sale in favour of Gourinandan at the instance of Sylvan (APO No.250 of 2011) and Deccan (APO No.249 of 2011) respectively.

(3.) On March 11, 1985 Rishra Steel Limited (hereinafter referred to as the company in liquidation) was incorporated. Allahabad Bank was secured creditor having charge over the current assets. Due to serious labour problem the factory unit was closed down on August 16, 1987. ARC Holding Limited (hereinafter referred to as ARC) was subsequently incorporated in June 19, 1988 to purchase ninety nine per cent shareholding in Rishra Steel Limited and the ARC became holding company of the Rishra Steel in June 1989. A creditor filed a winding up petition claiming rupees one lac ninety one thousand two hundred fifty two on June 4, 1990. The learned company Judge passed an order of winding up. Thus the assets came in possession of the official liquidator by virtue of the order of winding up. The Allahabad Bank also filed a suit for recovery of the outstanding dues.