Partly allowed

Ashok Kanodia v. Ujala Pumps Pvt. Ltd. & Ors.

Delhi HC21 Jan 2019CO.PET./463/2016

Case brief

AI extract

What is this about?

This court transferred an application filed by Union Bank of India to recall a liquidator appointment from the High Court to the NCLT. The official liquidation appointment was revoked, and the matter was remitted for insolvency proceedings. Expenses were directed to be paid by the committee of creditors.

What did the court decide?

The order of 30.07.2018 appointing the OL as provisional liquidator is revoked. The petition is transferred to NCLT. Admission of petition is revoked.

Ashok Kanodia Vs Ujala Pumps Pvt. Ltd. & Ors. — Insolvency and Bankruptcy | Delhi HC (2019)

¶1

$~CP-30

¶2

IN THE HIGH COURT OF DELHI AT NEW DELHI

¶3

CO.PET. 463/2016 ASHOK KANODIA ..... Petitioner Through versus UJALA PUMPS PVT LTD & ORS. ..... Respondents Through Mr.O.P.Gaggar and Mr.Suresh Khadav, Advs. for the applicant/Union Bank of India. Mr.Rishi Manchanda, Standing Counsel for the OL.

¶4

CORAM:

¶5

HON'BLE MR. JUSTICE JAYANT NATH O R D E R % 21.01.2019

¶6

CA No.37/2019

¶7

This application is filed by the applicant- Union Bank of India under section 446 of the Companies Act, 1956 to recall the order dated 03.07.2018 admitting the present petition and appointing the provision liquidator and relegate the parties to insolvency proceedings pending in NCLT or alternatively stay/defer operation of the said order dated 30.07.2018 till the culmination of the insolvency proceedings pending in NCLT.

¶8

This court on 30.07.2018 appointed the OL attached to this court as the provisional liquidator of the respondent company.

¶9

The learned counsel for the OL states that there were three immoveable assets of the respondent company and out of them two have already been sold by the secured creditors. He further submits that there is one property at Bhiwani which has been sealed by the OL. The guards were also posted by the OL. He also states that it appears that there is no intention on the part of the applicant to resolve the issue of the company as the assets

¶10

are being sold.

¶11

The learned counsel appearing for the applicant states that the applicant comprises of two secured creditors, namely, Union Bank of India and Corporate Bank and they have outstanding dues about Rs.70 crores.

¶12

Keeping in view the above fact that the OL was appointed as the provisional liquidator only recently; and the fact that the large dues are payable to the secured creditors; in the interest of justice; and in exercise of powers under section 434 of the Companies Act, 2013, this petition is transferred to NCLT. It is ordered accordingly. The order of this court dated 30.07.2018 appointing the OL as the provisional liquidator is revoked. The admission of the petition is also revoked.

¶13

The committee of creditors will however within four weeks pay the expenses of the OL. The OL shall submit the details of the expenses incurred to the committee of creditors and will also file a copy of the same in this court. Possession of the assets shall be handed over to the IRP as per direction of NCLT.

¶14

The application stands disposed of as above. CO.PET. 463/2016

¶15

In view of the above order, the present petition is transferred to NCLT. All pending applications, if any, stand disposed of. The order admitting the petition and appointing the OL as the provisional liquidator dated 30.07.2018 stands revoked.

¶16

JAYANT NATH, J.

¶17

JANUARY 21, 2019/v

Ashok Kanodia v. Ujala Pumps Pvt. Ltd. & Ors.

Case brief

What is this about?

What did the court decide?

Ashok Kanodia v. Ujala Pumps Pvt. Ltd. & Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

M/S Sethi Ply Palace Vs M/S P.R.K Interiors Pvt. Ltd.

Jitender Singh & Anr. Vs Smt. Swaran Yadav

Geeta Suri and Ors. Vs State

Wianxx Impex Pvt. Ltd. & Ors. Vs Evershine Build Well Pvt. Ltd.

In the Matter of Burgundy Tradings Private Limited (in Vol.Liqn.) Vs ....

M/S Reebok India Company Vs Emdee Apparel Pvt. Ltd.