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COATES OF INDIA LTD. versus M/S MITRA PRAKASH LTD.

High Court of Judicature at Allahabad

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Coates Of India Ltd. v. M/S Mitra Prakash Ltd. - COMPANY PETITION No. 35 of 2000 [2007] RD-AH 3494 (1 March 2007)

 

This is an UNCERTIFIED copy for information/reference. For authentic copy please refer to certified copy only. In case of any mistake, please bring it to the notice of Joint Registrar(Copying).

HIGH COURT OF JUDICATURE OF ALLAHABAD

Hon. Sunil Ambwani, J.

The Court has already rejected the application to recall the winding up.  While dismissing the application the Court had given sufficient opportunity to Shri Kushal Kant, learned counsel representing  Shri Deepak Mitra to place on record the correct statement of account, and the circumstances in which the company may be considered to have revived itself to pay off its creditors.  A special appeal against the judgment is pending.

In the meantime it was found that the applicant was publishing the magazines in the name of the company. Notices were issued to Shri Deepak Mitra as to why the Court may not take proceedings of misfeasance and fraud against the Ex-Directors.  

Now once again this recall application has been filed, stating almost the same facts.  The Court does not find that anything new or encouraging has happened in between the two recall applications, to give opportunity to the company to revive itself.  All the debts, which were found to be due, are still admitted.  The submissions with regard to the dues of the banks and workmen were taking into account and considered in the winding up order and first recall application.  I have gone through the contents of the application and find that the company does not have any commercial viability at present nor it can be said that the company  may revive itself within reasonable time.  The amount of debts against the company are more than the amount, which it can generate within reasonable time.  The second recall application and the application to stay the winding up proceedings is wholly misconceived and is dismissed.

Dt.01.3.2007


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Reproduced in accordance with s52(q) of the Copyright Act 1957 (India) from judis.nic.in, indiacode.nic.in and other Indian High Court Websites

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