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IN THE MATTER OF RESERVE BANK OF INDIA versus KUBAR MUTAL BENEFITS LMT.

High Court of Judicature at Allahabad

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In The Matter Of Reserve Bank Of India v. Kubar Mutal Benefits Lmt. - COMPANY PETITION No. 87 of 1999 [2006] RD-AH 16196 (18 September 2006)

 

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'ble Sunil Ambwani, J.

Shri Anurag Khanna appearing for Ex Directors submits that out of three Ex Directors, presence of lady Ex Director was exempted. Shri Pradyuman Kumar Sharma was taken ill and was admitted to  Max Heart Centre and has been discharged on 14.9.2006. The third Ex Director Shri M.M. Sharma is present in Court.  He prays for two weeks further time to make full disclosure of the properties in pursuance of the last order of the Court dated 17.8.2006.

Shri Vinod Sharma, Company Prosecutor, Ministry of Company Affairs, who has been given the task of investigation and taking over possession of the properties, has submitted report which is annexed with Official Liquidator's report No. 235 of 2006. He has made certain prayers in the application, which I find to be reasonable and necessary for the purposes of the liquidation of the Company. All the prayers are allowed and shall be made part of the order.

Shri Krishna Mohan appearing for Oriental Bank of Commerce states that Fix Deposit Receipts have been renewed. The bank has received a notice from the Income Tax Department, New Delhi for handing over the FDRs to the department failing which the department will impose Rs. 20,000/- cost against the bank.

Once the Company is in liquidation and the assets of the company are in possession of the court through the Official Liquidator,  all assets and properties of the company must be handed over to the Official Liquidator. In case any persons including the secured and unsecured creditors, government departments, banks, financial institutions or workers have any claim, they can submit their claims to the Official Liquidator.

Let all renewed FDRs be submitted with the Official Liquidator. In case the income tax department has any valid claim, the department shall submit the assessments and recovery to this Court and make an appropriate claim to the Official Liquidator.

Shri O.P. Misra holding brief of Srinarayan Misra appearing for Him City Kisanothan Sahakari Awas Samiti Ltd Sitapur Road Lucknow prays for two weeks time to file details required by the Court with regard to the land purchased by the society.

List on 17.10.2006.

Dt. 18.9.2006

RKP/-CP- 28-2005


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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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