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Judgment
Ms. Priyanka J., Ld. Counsel for the Applicant in IA 190/2023 present. Mr. Shyam Kapadia a/w Mr. Rupesh Geete, Mr. Darshan Sahuji, Mr. Jaiveer Dhakan i/b Satyaki Law Associates, Ld. Counsel for the Applicant in CA-425/2023 present. Mr. Anurag Kunjav, Applicant present in person.
CA-425/2023: The Applicant had proposed that they are ready to buy the shareholding of other party without the condition of the retaining the word “Avidhrt” in the name of the Company and for this purpose a valuer can be engaged. This bench finds that there are no tangible assets with the company for which valuation is required. This Bench further notes that this application was filed to seek clarification, while the applicant is now attempting to seek buy out of shares of the other party under this application. At the insistence of the applicant, we allow the applicant to give their proposal voluntarily. The Applicant may serve copy of this order to other party. Other party may inform this bench whether they are willing to sell their shares or not.
List this matter on 09.01.2024 before the special bench for further consideration.
IA-190/2023: This is an Application filed by the Liquidator seeking waiver of the constitution of Winding Up Committee in accordance with the provisions of Section 277(4) of the Companies Act, 2013.
As there is no Creditors in the company, as stated by the Liquidator, the requirement of constitution of the Winding Up Committee is waived of, however, the Liquidator is at liberty to constitute the Winding Up Committee, in case the claim of the Creditors are received subsequently.
With the above direction, IA-190/2023 is allowed and disposed of.
The Liquidator is also directed not to take any further steps in the liquidation process till next date of hearing of the main CP.