Disposed

Sunstar Graphics Pvt.Ltd. v. Ankur Drugs and Pharma Ltd., Cin NO.L24230MH1995PLC085410

Bombay HC1 Aug 2013CP/191/2013

Case brief

AI extract

What is this about?

The Division Bench ordered winding up of Ankur Drugs and Pharma Limited. This order disposes of pending admission petitions by allowing petitioners to treat themselves as claims before the Official Liquidator rather than requiring formal admission.

What did the court decide?

Petitioners permitted to lodge petitions with Official Liquidator; Official Liquidator to invite claims; liberty to revive petitions if compromise occurs.

Sunstar Graphics Pvt.Ltd. Vs Ankur Drugs and Pharma… — Insolvency and Bankruptcy | Bombay HC (2013)

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cp-428.13.doc

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ppn 1

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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COMPANY PETITION NO.428 OF 2013

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DSM Sinochem Pharmaceuticals India Pvt. Ltd. .. Petitioner Vs. Ankur Drugs and Pharma Limited .. Respondent WITH

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COMPANY PETITION NO.241 OF 2012

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Jaishwar Commercial Pvt. Ltd. .. Petitioner Vs. Ankur Drugs and Pharma Limited .. Respondent WITH COMPANY PETITION NO.450 OF 2012 Farmson Analgesics .. Petitioner Vs. Ankur Drugs and Pharma Limited .. Respondent WITH COMPANY PETITION NO.487 OF 2012 SBI Capital Markets Ltd. .. Petitioner Vs. Ankur Drugs and Pharma Limited .. Respondent WITH COMPANY PETITION NO.500 OF 2012 Rajasthan Cylinders & Containers Ltd. .. Petitioner Vs. Ankur Drugs and Pharma Limited .. Respondent WITH COMPANY PETITION NO.53 OF 2013 M/s. Tirupati Fincon Pvt. Ltd. .. Petitioner Vs. Ankur Drugs and Pharma Limited .. Respondent

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WITH

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ppn 2 cp-428.13.doc

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COMPANY PETITION NO.55 OF 2013

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Mahesh B. Shah .. Petitioner Vs. Ankur Drugs and Pharma Limited .. Respondent WITH COMPANY PETITION NO.64 OF 2013 M/s. Channel Eight Studio Ltd. .. Petitioner Vs. Ankur Drugs and Pharma Limited .. Respondent WITH COMPANY PETITION NO.133 OF 2013 M/s. Bry Air Asia Pvt. Ltd. .. Petitioner Vs. Ankur Drugs and Pharma Limited .. Respondent WITH COMPANY PETITION NO.191 OF 2013 Sunstar Graphics Pvt. Ltd. .. Petitioner Vs. Ankur Drugs and Pharma Limited .. Respondent WITH COMPANY PETITION NO.238 OF 2013 Anantrai Turakhia, HUF .. Petitioner Vs. Ankur Drugs and Pharma Limited .. Respondent WITH COMPANY PETITION NO.239 OF 2013 Anantrai Turakhia, HUF .. Petitioner Vs. Ankur Drugs and Pharma Limited .. Respondent WITH COMPANY PETITION NO.254 OF 2013 ION Exchange (India) Limited .. Petitioner Vs. Ankur Drugs and Pharma Limited .. Respondent

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cp-428.13.doc

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ppn 3

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WITH COMPANY PETITION (L)NO.428 OF 2013

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M/s. Bharat Chemicals Through

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its CA Mr. Vijay Bhogilal Vora

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.. Petitioner

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Vs.

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Ankur Drugs and Pharma Limited .. Respondent WITH COMPANY PETITION (L)NO.440 OF 2013

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M/s. Ashu International & Ors.

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.. Petitioners

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Vs.

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Ankur Drugs and Pharma Limited .. Respondent

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Ms. Aparajita Chandra i/by Amrita Saldanha for the petitioner (Company Petition No.428 of 2013).

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Ms. H.D. Kapadia i/by Kalyani G. Parmar for the petitioner (Company Petition No.241 of 2012).

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Mr. Ashish Kamat i/by M/s. Crawford Bayley & Co. for the petitioner (Company Petition No.450 of 2012).

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Mr. Rupesh Lanjekar i/by Mr. A.G. Damle for the petitioner (Company Petition No.487 of 2012).

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Mr. Rohan Rajadhyaksha a/w Mr. Nilesh Tated i/by M/s. Mahimtura & Co. for the petitioner (Company Petition No.500 of 2012).

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Ms. M.M. Patel i/by M/s. N.M. Patel & Co. for the petitioner (Company Petition No.53 of 2013).

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Ms. Reeta Yadav i/by G.S. Mansawala for the petitioner (Company Petition No.55 of 2013).

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Mr.Dipesh Siroya i/by M/s. Thakkar & Co. for the petitioner (Company Petition No.64 of 2013).

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Mr. G.B. Kedia for the petitioner (Company Petition No.133 of 2013). Ms. Soma Singh a/w Mr. Subro Dey i/by Vivek Sharma for the petitioner (Company Petition No.191 of 2013).

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Mr. N.M.Shah for the petitioner (Company Petition No.238 of 2013 and Company Petition No.239 of 2013).

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None for the petitioner (Company Petition No.254 of 2013).

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Mr. Sachin A. Bhaskar i/by R.V. Sankpal for the petitioner (Company Petition (L) No.428 of 2013).

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Mr. Ayaz Bilawala a/w Ms. Neha Bhatt i/by M/s. Bilawala & Co. for the petitioner (Company Petition (L) No.440 of 2013).

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Mr. Gunjan Shah i/by M/s. S.K. Srivastav & Co. for the respondent.

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cp-428.13.doc

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ppn 4

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Ms. Rupa Sutar and Ms. Yogini Chauhan, Assistant Official Liquidator present.

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CORAM : N.M. JAMDAR, J. DATE : 1 AUGUST 2013

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P.C. :

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. This group of matters pertains to winding up of the respondent-M/s. Ankur Drugs and Pharma Limited. The petitions are pending for admission.

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In company petition no.103 of 2012 filed by Canbank Factors Limited, the learned Single Judge had made the company petition absolute by order dated 13 July 2012. The respondent-company thereafter, filed appeal no. 756 of 2012 in which initially ad-interim stay was granted. Thereafter, by order dated 8 July 2013, the Division Bench dismissed the appeal and the ad-interim stay on the winding up order was vacated. It was directed that till the Official Liquidator takes charge of the properties, assets and business of the company, the company shall maintain status-quo in relation to its assets, borrowings and shareholding. The learned Counsel for the petitioners submits that since the company petition for winding up is now made absolute, these petitions which are pending for admission will also have to be admitted.

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Since the company is now directed to be wound up, the petitioners will have to be treated as claimants by the Official Liquidator and it is open to them to file their claims before the Official Liquidator. The learned Counsel for the petitioners submits that a formal order of admission will be necessary if in case, for any reason,

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ppn 5 cp-428.13.doc

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the respondent-company enters into compromise with the petitioner in the admitted petition, then they will be left remediless. This apprehension is not warranted as any proposed withdrawal is to be advertised.

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The petitioners are permitted to lodge a copy of the petition along with Form-66 with the Official Liquidator. The Official Liquidator will decide the claim of each of the petitioners on their own merits. In case, any compromise is in contemplation, the Official Liquidator will inform the said fact to the present petitioners apart from issuing necessary advertisement. If any compromise does take place as is apprehended by the petitioners, then it will be open for the petitioners to revive their petitions and prosecute the same as per the claims made in the petitions.

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Since the Division Bench has now dismissed the appeal against the order making the company petition for winding up absolute, the Official Liquidator will proceed to take all necessary steps including invitation of claims and the Official Liquidator will place a report for that purpose.

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With liberty as granted above, the petitions are disposed of

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N.M. JAMDAR, J.

Sunstar Graphics Pvt.Ltd. v. Ankur Drugs and Pharma Ltd., Cin NO.L24230MH1995PLC085410

Case brief

What is this about?

What did the court decide?

Sunstar Graphics Pvt.Ltd. v. Ankur Drugs and Pharma Ltd., Cin NO.L24230MH1995PLC085410

Case brief

What is this about?

What did the court decide?

What the court decided

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