Subhash Chand Goyal vs Official Liquidator and Others

Satya Poot Mehrotra and Yogesh Chandra Gupta, JJ.—Pursuant to the order dated 1.4.2013, the case is listed today. Shri Ravi Kant, learned senior counsel assisted by Shri Swapnil Kumar, learned counsel for the appellant. Shri Shubham Agrawal, learned counsel for the Official Liquidator and Shri A. A. Khan, learned counsel for the respondent Nos. 3 and 4, are present. S/Shri R.K. Upadhyay and Manish Goyal, learned counsel for the applicant in Civil Misc. Impleadment Application No. 368937 of 2011 are also present.

Rejoinder-affidavit and two supplementary rejoinder-affidavits have been filed today on behalf of the appellant. Let the same be placed on record.

Shri Ravi Kant, learned senior counsel assisted by Shri Swapnil Kumar, learned counsel for the appellant submits that the present special appeal was filed against the order dated 27.9.2011 passed in Company Petition No. 29 of 1995, whereby the learned Company Judge. inter alia, directed for publication of Auction Notice. It is further submitted that an interim order was passed in the present appeal observing that "if any auction is held, the same shall not be finalized until further orders of this Court".

Shri Ravi Kant further submits that pursuant to the advertisement published, as per the directions given by the learned Company Judge in the order dated 27.9.2011, no tenders were received as was noted by the learned Company Judge in the subsequent order dated 21.11.2011 passed in Company Petition No. 29 of 1995. Shri Ravi Kant further submits that thereafter an application was filed on behalf of U.P. Financial Corporation before the learned Company Judge in Company Petition No. 29 of 1995, inter alia, praying for being permitted to proceed with the sale of the property of the Company (in liquidation), whereupon the learned Company Judge passed an order dated 20.7.2012 rejecting the said application filed on behalf of U.P. Financial Corporation. In the said order Shri Ravi Kant submits, the learned Company Judge observed that U.P. Financial Corporation could not be permitted to advertise and sell the above property afresh until and unless the judgment and order dated 24.3.2005 passed by this Court in Civil Misc. Writ Petition No. 7481 of 1995 was complied with. Shri Ravi Kant further submits that the said order dated 20.7.2012 was subsequently modified by the learned Company Judge by the order dated 30.8.2012. It is further submitted that pursuant to the directions given in the order dated 24.3.2005 passed by this Court in Civil Misc. Writ Petition No. 7481 of 1995, U.P. Financial Corporation has taken certain decisions in its meeting held on 24.9.2012. It is further submitted that U.P. Financial Corporation has also issued a communication dated 28.9.2012/1.10.2012 to the appellant rejecting the offer submitted by the appellant.

Shri Ravi Kant further submits that the appellant is taking appropriate proceedings in respect of the aforesaid decision taken by U.P. Financial Corporation in its meeting held on 24.9.2012 and in respect of the said communication dated 28.9.2012/1.10.2012.

In view of the aforesaid, Shri Ravi Kant, learned senior counsel assisted by Shri Swapnil Kumar, learned counsel for the appellant states that the present appeal has become infructuous, and the same may be dismissed as such.

In view of the statement made above, the special appeal is dismissed as having become infructuous. Interim order, if any, stands vacated.