1 ca-166-10 a-w-cp-794-05 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION jmi COMPANY APPLICATION NO. 166 OF 2010 ALONGWITH COMPANY PETITION NO. 794 OF 2005 ALONGWITH O.L.R.No. 180/10/Liqn/V. Shri Sunil Radheyshyam Poddar. ..Applicant. v/s. The Official Liquidator of Adhunik Synthetics Limited. ..Respondent. .... Ms. Priya Baliga, i/b. M.V. Kini & Co., for Applicant. Deputy Official Liquidator, present. .... CORAM : S.J. KATHAWALLA, J. DATE : 7TH OCTOBER 2010. P.C. The Applicant is a Contributory of the Company Adhunik Synthetics Limited, who has been authorised by a resolution of the contributories to reconstruct the Company and to pay off the admitted debts of the Company. By this Company Application, the Applicant has prayed that the order dated 6th May 2005 passed by this Court in Company Petition No.794 of 2005 admitting the Company Petition and appointing Provisional Liquidator of the Company, be recalled and/or revoked and/or set aside or be stayed 2 ca-166-10 a-w-cp-794-05 permanently. 2. By a communication dated 23th December 2004, the Registrar, the Board of Industrial and Financial Reconstruction (B.I.F.R.) had informed the Registrar of this Court that the BIFR by order dated 6th October 2004 had under the provisions of section 20(1) of the Sick Industrial Companies (Special Provision) Act, 1985 formed an opinion that it is just an equitable for the Company i.e. M/s. Adhunik Synthetics to be wound up. 3. Pursuant to the said order, by an order dated 6th October 2005 this Court [Coram : A.M. Khanwilkar, J.] admitted the Petition and appointed a Provisional Liquidator of the Company. The Official Liquidator was directed to advertise the Petition in “Free Press Journal” and “Navshakti” and the Maharashtra Government Gazette from the common fund. The Office was also directed to issue notice under Rule 28 of the Companies (Court) Rules, 1959 and the Petition was made returnable on 25th November 2005. However, pursuant to the said advertisements issued, the Official Liquidator did not receive any claims. 4. Thereafter, when the Petition came up for final hearing, the Respondent Company informed the Court that the Company is functioning and they have settled the claims of all their creditors. In view thereof, the Official Liquidator was once again directed to issue 3 ca-166-10 a-w-cp-794-05 advertisements in ‘Loksatta’ (Marathi), Gujarat Samachar (Gujarathi) and Indian Express (English) inviting claims. The Official Liquidator informs the Court that advertisements were issued in the newspapers as directed, and no claims are received from any creditor/worker of the Company. 5. The above Petition is therefore, dismissed. The Official Liquidator shall hand over possession of the properties / records of the Company in his possession to the Applicant, subject to the Applicant and the Company executing an indemnity indemnifying the Official Liquidator from any claim made by any of the creditor of the Company at any time in future, and further subject to Applicant making payment of the Liquidator’s costs quantified at Rs.25,000/-. 6. The Company Petition along with the Company Application and the Official Liquidator’s Report are accordingly, disposed of. [ S.J. KATHAWALLA, J. ]