1 ca402-11.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.402 OF 2011 IN COMPANY PETITION NO.391 OF 1990 M/s.Lunebski Industries Corporation .. Petitioner and Mrs.Suman Ashok Mandelai (Shareholder of M/s.Ratandeep Industries Pvt.Ltd. (In liqn).) .. Applicant Versus The Official Liquidator M/s.Ratandeep Industries Pvt.Ltd. .. Respondents Mr.A.S.Kamat with Vinod Kothari i/b. Apex Law Partners for applicant Mr.Carl Shroff with Usha Rai i/b. B.Amin & Co. for petitioner Mrs.Rupa Sutar, Assistant O.L. Mrs.Bhavna Shah for MSFC CORAM : S.C.DHARMADHIKARI, J. 22nd December 2011. P.C.: 1] This application is filed by the Ex-Director of the company in liquidation. The request in the company application is to recall and set aside the winding up order dated 7th June 1996 so as to enable the applicant to revive the company. Presently a request is made to stay further proceedings in winding up and particularly preventing the Official 2 ca402-11.doc Liquidator from disposing of the assets and properties. The report of the Official Liquidator indicates that the Official Liquidator has taken possession of the factory premises situate at Palghar and has employed a security agency for safeguarding the same. The Official Liquidator has already sold moveable assets of the company in liquidation on 10th September 2003. 2] Upon this application a direction was issued to the Official Liquidator to invite claims and, therefore, an advertisement was inserted in the two newspapers mentioned in the report. In response thereto, there is a claim received from MSFC which is to the tune of Rs. 49,61,130.75 inclusive of the charges that the MSFC has to bear of this security agency. There is also a claim of the security agency independent of the computation by MSFC and that is stated to be to the tune of Rs.3,03,578/-. The Official Liquidator's charges and the expenses of the security Agency would total upto Rs.4,31,565/-. Then, there is claim of petitioner who has filed this petition, which is crystalised but with interest it would come to much more than the amount deposited in this Court. After hearing both sides at some length, a suggestion was given to the applicant as to whether he can make a definite statement 3 ca402-11.doc about discharging liability which has now been crystalised and placed before this Court. Apart from these claims, there are none other stated to be outstanding against the company in liquidation. 3] Mr.Kamat appearing for the applicant has placed before this Court the request that the applicant be given reasonable time and he will discharge all liabilities in full as far as MSFC and Official Liquidator is concerned and as far as petitioner is concerned, the principal sum plus an amount equivalent to reasonable rate of interest has already been brought in but the applicant would abide by such other and further directions with regard to quantum of interest payable to the petitioner. 4] This request is opposed by learned Advocate for MSFC and she submits that longer date would mean that it will have to wait to recover public dues. Now it can dispose of the immovable properties through the liquidator and any delay in the same would only mean that on account of market fluctuations, the price that the property would fetch will not be enough to satisfy all claims. Having heard learned Counsel for some time and perusing with their assistance the relevant material, I am of the opinion that in the interest of justice, time till 10th February 4 ca402-11.doc 2012 deserves to be granted to the applicant to discharge the debts of MSFC, Official Liquidator and original petitioner. However, the original petitioner shall be entitled to interest at the rate of 15% p.a on the principal num of Rs.52,917/-. If all three claims as brought to the notice of the Court are discharged in full as indicated in this order, then, the Official Liquidator to hand over possession of the properties to the applicant so as to enable him to revive the company and thereupon the order dated 7th June 1996 winding up the company shall stand set aside. Needless to state that in default, the Official Liquidator to dispose of the assets and properties in his possession and from the sale proceeds satisfy the dues of the Creditors including MSFC. In that event, MSFC is at liberty to participate in the auction/ sale of the properties. 5] Mr.Kamat appearing for applicant on instructions states that the claim of MSFC is to the tune of Rs.33,43,150.25 towards lending and the security charges are to the tune of Rs.16,70,980.50. Both these charges would carry interest from 31st March 2007 till payment at 15% p.a. 5 ca402-11.doc 6] Application disposed of, however, with cost quantified at Rs. 25,000/- to be paid to Official Liquidator within a period of four weeks from today. All concerned to act on an authenticated copy of this order. (S.C.DHARMADHIKARI, J)