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  RD-AH 3494 (1 March 2007)
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.
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