Rajiv Jain and Others vs Asian Consolidated Industries Ltd.

Rajiv Narain Raina, J.—Mr. Vijay Sharma has filed a reply on behalf of the SBI. The same is taken on record. A copy has been supplied to learned counsel for opposite side. He submits that the State Bank of India''s claim has been satisfied and the bank would have no objection to the company being revived. Mr. Sehgal appearing for the HFC states that the dues of the company in liquidation towards the Corporation stands satisfied as per one-time settlement reached.

Mr. Chhibber representing the ex-directors has produced the affidavit in e-stamp on Indian Non-Judicial paper, the Government of NCT of Delhi that M/s. Introspective Detectives P. Ltd., on the panel of the official liquidator attached with this court for providing watch and ward services for the factory unit of the company M/s. Asian Consolidated Inds. Ltd., in liquidation have been paid. In the affidavit, it has been sworn that the affidavit may be treated as no due certificate relating to watch and ward expenses for the period with effect from February 1, 2003 to May 31, 2014 and it is certified that in future, M/s. Introspective Detectives P. Ltd. will not claim any watch and ward expenses for the aforesaid period from the official liquidator. The affidavit is taken on record as Mark "X".

Mr. Chhibber has produced two drafts one in the name of Gujarat State Financial Services Ltd., in the sum of Rs. 65,41,678 the petitioning company whose claims were settled by the official liquidator after receiving a report from the chartered accountant appointed by this court. Similarly, another draft has been brought in the name of the Employees Provident Fund Organisation, Gurgaon A/c Asian Consolidated Inds. Ltd., in the sum of Rs. 7,05,055. Both the drafts are handed over to the official liquidator and a photocopy has been retained on the record as Mark "B". Since the amounts have been determined by the process of the company court, they are final in their adjudication. Therefore, let the official liquidator remit the drafts to the Corporation and the organisation.

Any income-tax dues of the company in liquidation on revival remains the liability of the company subject to appeals and the interim orders regarding tax passed on April 29, 2014, would continue to operate.

In view of the changed circumstances, the company is brought out of liquidation and is revived. It would now be free to resume its business. However, the official liquidator would handover the vacant possession of the premises, i.e., land, building and factory including the plant and machinery lying therein to the ex-director Shri Rajiv Jain after removing any encroachments. In case, the property has been encroached by anyone regarding which an FIR No. 31, dated March 4, 2014, in PS Kasola, District Rewari has been registered, the SSP, Rewari is directed to assist the official liquidator in removing the encroachments forthwith with 7 days notice to those found in unauthorised possession. Since the company stands revived, the title deeds which were deposited by the petitioner to secure a loan by equitable mortgage, shall be returned to the petitioner-company and the mortgage will stand discharged. The Registrar of Companies to make necessary corrections. The petitioner to take steps to inform the Registrar of Companies within 30 days of receipt of this order of the revival of the petitioner-company. Henceforth, the company will be treated as having come out of liquidation.

Consequently, the winding up order is recalled. If any sundry bills or expenses remain due, the official liquidator would be free to send a notice to the petitioner-company together with a calculation sheet including the fees of the chartered accountant, if any pending payment.

The official liquidator at the time of handing over the possession would initiate demarcation process through the revenue authorities in Rewari. The Deputy Commissioner, Rewari is directed to cause demarcation of the immovable assets belonging to the company in Rewari before the property is restored to the company.