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Judgment
Sunil Ambwani, J.—Shri Rajnath N. Shukla appears for Official Liquidator. In compliance with the order dated 6.11.2009, he has filed Official Liquidator''s Report No. Jud/299 of 2009, giving the details of the pending applications in paragraph4. The first two applications filed on behalf of M/s Maya Press (P) Ltd. and Shri Pankaj Kumar Parek respectively have to be argued by Shri Yashwant Verma; the third application filed on behalf of M/s Indian Press Pvt. Ltd to be argued by Shri Krishna Mohan; the fourth and the fifth applications filed on behalf of Directors of Maya Press (P) Ltd and Shri Deepak Mitra respectively to be argued by Shri Y.S. Saxena and the 6th application filed on behalf of Official Liquidator to be argued by Ms. Bushra Mariyam. There are two more applications pending consideration. Shri Yashwant Verma; Shri Y.S. Saxena and Ms. Bushra Mariyam are not present.
Heard Shri Krishna Mohan in support of the pending application filed on behalf of M/s Indian Press Pvt. Ltd. along with Official Liquidator''s Report No. 368 of 2009. Shri Krishna Mohan prays to recall the order dated 24.1.2007.
The Company (In Liq.) had taken the premises of M/s Indian Press Pvt. Ltd. on rent. The proceedings for arrears of rent and eviction were taken against the company (in liq.). The SCC Suits No. 19/2001 and 20/2001 are pending before Additional District Judge, XIV Allahabad. The proceedings in both the JSCC Suits were stayed on an application filed by the Official Liquidator that the proceedings should not continue unless the permission is given under Section 446 of the Companies Act, 1956.
The stay order was vacated on 6.11.2009.
The Official Liquidator has stepped into the shoes of the Board of Directors of the Company (In Liq.). He has also to discharge the statutory responsibility of valuation and sale of the assets of the company.
Learned counsel appearing for bank informs the Court that the Bank has no objection, if the Official Liquidator proceeds for sale of the printing and other machines of the company (in liq.). If such proceedings are taken, the bank as first charge holder will participate in the valuation and sale of machines.
If the Official Liquidator has valued the assets of the Company (in liq.) including the machineries, he may inform the bank and submit a proposal for sale and make an application for preparing lots with its valuation and the advertisement for approval of the Court. If the assets have not been valued, the same shall be valued along with the printing press and machinery. Let a report be submitted within one month. The Court may consider to hand over the property of M/s Indian Press Pvt. Ltd taken on rent by the company (in liq.) after the sale of the press and machinery. The suits for arrears of rent and eviction shall continue to be stayed.
The remaining applications shall be listed for hearing, whenever I am sitting singly.