M/S.G.a.Steel v. the Official Liquidator
Case brief
What is this about?
The court discharged a company application dated 2013 seeking to convene a creditors meeting as infructuous. The application involved a company with no active assets and pending review petitions, resulting in the matter being closed for statistical purposes.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Comp.A.No.998 of 2013 in C.P.No.14 of 1997
C.SARAVANAN, J.
This Company Application has been under Order XIV Rule 8 of the Original Side Rules read with Rules 9, 11(b) and 19 of the Company Court Rules, 1959, to direct the Official Liquidator to convene a meeting of the Creditors, Ex-Directors and interested parties of the Company in liquidation on a day so fixed by this Hon'ble Court.
- The Company was ordered to be wound up as early as 20.09.2006. During the pendency of the Company Petition before the winding up order, the assets of the Company were sold by the revenue authorities on 09.01.2003 for a total sum of Rs.42,55,000/-, apparently to settle the workers due. It appears that there are no due of the workers as on date.
- The learned Deputy Official Liquidator would submit that the sale on 09.01.2003 was in violation of Section 536 of the Companies Act, 1956 and therefore Comp.A.No.1087 of 2008 in C.P.No.14 of 1997 was filed. However, this Court dismissed the application by an order dated 26.03.2013. It is further submitted that further appeal in O.S.A.No.3 of
2015 also met with same fate on 21.01.2015. A further appeal before the Hon'ble Supreme Court in SLP(C).No.22275 of 2015 was also dismissed on 05.08.2022.
- It is submitted that a review petition has been filed by the
Issues for consideration
2 issues framed by the court
Whether a meeting of creditors and interested parties should be convened for a company application filed in 2013 that has lapsed due to inactivity.
Whether an application to convene a creditors meeting is infructuous given the dissolvement of the company's assets and closure of related appeals.
Coram
C. Saravanan
Case details
As recorded by the court registry
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