Allowed

Mr. Ashok Kumar Agarwal v. M/s. Tm Tyres Limited (in Liquidation)

Telangana HC22 Apr 2021COMPA/12/2021

Case brief

AI extract

What is this about?

The High Court allowed a company application directing the official liquidator of a company in liquidation to take control of company records and assets and prepare an inventory.

What did the court decide?

The application is allowed with a direction to the respondent No.2 to take control of all records, including the Assets Register, and prepare an inventory of machineries and equipment.

Mr. Ashok Kumar Agarwal Vs M/s. Tm Tyres Limited (in… — Company and Corporate | Telangana HC (2021)

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IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD

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THURSDAY, THE TWENTY SECOND DAY OF APRIL TWO THOUSAND AND TWENTY ONE

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PRESENT

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THE HONOURABLE SRI JUSTICE CHALLA KODANDA RAM

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COMPANY APPLICATION NO.^,I2 OF 2021 IN THE MATTER OF COMPANIES ACT. 1956 AND

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IN THE MATTER OF M/S. TM ryRES LIMITED

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Between:

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Mr. Ashok Kumar Agarwal, S/o Sri Late Mukhram Agarwal, aged about 60 years, Ex-Managing Director of M/s. Tyres Limited Residing at H. NO. 1-833711 , Flat No. 501, Block 1 Fore Front Royal Apartment, lndian Air Lines Colony Begumpet,Hyderabad^- 500 0016

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Ivlrs. Sunita Kumar Agaruval, W/o. Mr. Ashok Kumar Agarwal, aged about 57 years Ex-Director of M/s. Tyres Limited Residing at H. NO.^1-8-33711, Flat NO. 501 , Block 1 Fore Front Royal Apartment, lndian Air Lines Colony Begumpet, Hyderabad - 500 0016

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...PETITIONER

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AND

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M/s. TM Tyres Limited⁽ⁱⁿ Liquidation), Represented^{by the} Official Liquidator High Court of Telangana, at Hyderabad

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Mr. Pola Raghunath, Official Liquidator attached to the^{HighCourt of} Telangana Minlstry of Corporate Affairs 1st Floor. Corporate^Bhawan, Bandlaguda Hyderabad^- 500 068

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M/s. Schrader Duncan Limited,^{(Now known as Duncan Engineering} Limited) Petitioner in C.P.NO. 157 OF^{201 5} A company^incorporated under the Companies Act,^'1956 Having its Registered^{Office at F33,} Rajangaon lr/lDC Karegon, Tal Shinir, Pune^{- 412 209}

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M/s Balaji Avenues LLP, A limited liability^{PartnershipFirm Having-Office} at Sy. No. 246, Gaganpahad Village^{Rajendranagar} .lvlandal,^Ranga Redciy District Represented by its Partner,^{Mr. Narender Kumar Goyal}

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fi//s. Agarwal Rubbers Limited, A company^{incorporated underthe} Companies Act Having its registered Office at^{2nd Floor,ApporvaBuilding} Oppdsite Jubilee Park- Gate, Jubilee Hills, Hyderabad^{Representedby its} Director Smt. Komal Aganval

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Ir/r. Rupesh Kumar Gupta, S/o.^{It4r.lt/ansaram Gupta Aged qpgu-t_a-} years, iVo. H. NO. 8-3-833 Srinivagar Colony, Hyderabad^- 500 073

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Mr. Vishnu Dayal, S/o. Late^tv1r. Ranglalji^{Aged about 64 years,Rl/o. H.} NO. 21-1-516 Opp. High Court, Hyderabad^{- 500 002}

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B. N/r. Hitesh Kumar, S/o.^trrlr. Vishnu Dayal^{Aged about 64 years,Rl/o. H.} NO.21-1-516 Opp. High Court, Hydedrabad^- 500 002

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Mrs. Shilpa Agarwal, W/o. Sachin^{Agarwal Aged about 39 years,FL/o.8-2-} 6481312 Road NO. 12,Banjara^{Hills,Hyderabad - 500 034}

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tr/ r. Shashi Kant Agaruual, S/o.^lvlr. Chandrakant^{Agaruual Aged about 46} years, Rl/o. 8-2-6481312 Road NO.12, Ban.jara Hills, Hyderabad^{- 500 034}

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[/r. Rishi Kant Agarwal, S/o.^I\zlr. Chandrakant^{Agarwal Aged ab-o-t{42} . years, Fl/o, 8-2-d,4l2l1 Road No. 12, Baniara Ls, Hyderabad^- 500⁰³⁴

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...RESPONDENTS

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Company^{ApplicationUnder Rules I of the Companies ( Court ) Rules'} 1959^{prayingthat this Hon'ble Courtmaybe pleasedto Directthe respondent} no. 2^{(officialliquidatoOto prepare an inventoryof machinery and equipments} lying in^{the schedule premisesi'e' LandAdmeasuring Ac'17-315 Guntas} situated^{at 5-35' Survey Nos 3O5-E'3O5EE'321-A and 321-AA of Kalakal} Village,^{ManoharabadMandal(erstwhile Toopran Mandal)' MedakDistrict'} Telangana^{by taking over the possession of the machineries and equipment'}

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on for^{ordersupon readingthe Judge's} This^{APPlicationcoming} 20-03-2021^{and filed by Sri AshokKumar} Summons^{and the affidavit dated} any ApPlication^{and uPon hearing} Agarwal,^{Petitioner in supportof the Comp} cate^{for the APPlicant and Sri J'} the arguments^{of Sri Pranay Sohini'Advo} iquidator^{for the ResPondent Nos'} Sreenadh^{Reddy Counsel for the Official L} 1 &2.

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The Court^{made the following Order}

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THE HON'I}LE SRI^{JUSTICECHALLAKODANDA RAM}

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COMP . A. No. 12 of²⁰²¹

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ORDER:

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Respondent No.1, Company-in-Liquidation,^{is represented} by respondent^{No.2, Official Liquidator. While there is a dispute} with respect to the larrd,^{which is allegcdto have been purchased} by respondent^{No.4ar.rd othcrs, there is no claim with respect to} the plant and machinerY.

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Though learned^{counsel for respondentNo'6 submits that} the Sales Tax^{Department had attachedthe plant and machinery} of respondent No.l,^{Company-in-Liquidation,for the sales tax} dues, considering^{thc submissionol the learnedcounsel for the} Official Liquidator^{that respondentNos.4 to 11 are not allowing} the petitioners,^{Ex-Directorsof respondentNo'1,Company-in-} Liquidation, to enter^{into the pretnises,this CompanyApplication} is allowed^{with thc direction1o respondent No.2 to take control of} all the records,^{includingthe Assets Register, which is required to} be maintairred ullder^{the provisions of the Companies Act'} relating to respon<letrt^{No.1, Company-in-l,iquidation,and all the} assets other than^{the ones, whichare said to have been purchased}

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by respondent Nos.4^{to I l, and prepare inventory th919-!t1,}

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sD''KSR'NlIt?sElR

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//TRUE^coPY// \r/'

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SECTION^OFFICER 1 The Official^{Liquidator' M/s'' TM TyresLimited} rhattiannaram^{(ln Liquidation)'Village} 1.t 1oor^{corporateui:*#: ]G;il''} -ellohs-'113 Havathnagar^{rtrunotr' filTg;'nll-Jv' oitt'i"t lelansana state Pin code} s00 680.

¶36

,yj;llllXi.:lv-lg';,"J"?ixlri.!"^',?$1iTPi"1,:"':,"oJ:1!ff^:*':1

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'ffi*g$6i+fdp{1':ffi &3#riLri3"fi?#'

¶38

4.M/sBalaiiAvenuesLLP,AlimitedliabilityPartnershioFirmHavingOffice at Sv. No.^{246, cagahiah"i"viir'i"''lqFndran'b"rMandal' Ransa} Redd'y District^{n"p,"."niJo'ili]ttij'i?li''Hlti uarenoirKumar Goval}

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Ivl/s. Agarwal^{Rubbers Limited' A company incoroorated underthe} co m oan ies Act^{Havrn g't.?"rii'ti!i"lr' citr"i'"i.qi.l} " o,F lo6^{r' Ap po rvaB'uildi n g} #li'ii;"i,,bii;;^{P;,[ i;i;:i;nir""Hiii''Hvderabad Representedbv its} Oiri:ctor Smt.^{Komal Agaruual}

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The Registrar^{of Companies, Ministryof Corporate Affairs' Government} " "oi^{'r,io"i"" -z;} noor cJrpoiate' Bhawan' Nagole'- qqtdF.syg?' Thattiannaram^{Vittage Hayltnnagar Mandal' RangaReddy District'}

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Telangana^{State Pin Code 500680'}

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The Regional^{oirector,Soulh EasternRegion'. Ministry of Corporate} e.a1ot191o.a,

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' Ai+;.: l-'r^- tioor, io,.poiut" Bhawan' . . Nasole' - Thattiannaram^{Village -tiuyrtnnrgrrMandal, Ranga ReddyDistrict} Telangana^{StatePinCode 500680'}

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e.'ih""S;"1i""-Offi."r,^{o S. Section, High Court of Judicatureat}

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Hvderabad,^{for the State of Telangana} g d," ci" Sri Pranay Sohini' Advocate^(OPUC) 10. Two C.D.^CoPies gbr <sup>.V

HIGH^COURT

DATED:^2210412021

ORDER

COMPA.N^{o.12 of 2021} IN'ibnlpnr.rY PETITIoN No'157 of 2015

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1'i 5 rh r4.
(
oi) 17 MAY 2021

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ALLOWING^{THE COMPANY APPLICATION'}

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Mr. Ashok Kumar Agarwal v. M/s. Tm Tyres Limited (in Liquidation)

Case brief

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Mr. Ashok Kumar Agarwal v. M/s. Tm Tyres Limited (in Liquidation)

Case brief

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