THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.768 of 2011 In Company Application No.2196 of 2004 In Company Petition No.80 of 1996 8th December, 2011 Between :- G.Sambasiva Rao and others .. Petitioners And M/s.Navatha Agro Productions (Private) Limited (In Liqn) Rep.by the Official Liquidator, High Court of Andhra Pradesh, Hyderabad .. Respondent THE HON'BLE SRI JUSTICE B.SESHASAYANA REDDY Company Application No.768 of 2011 In Company Application No.2196 of 2004 In Company Petition No.80 of 1996 ORDER:- This application has been ﬁled by G.Sambasiva Rao and others under Rule 9 of the Companies (Court) Rules, 1959 seeking direction to the Oﬃcial Liquidator to distribute the assets in specie in favour of the shareholders/creditors in accordance of Memorandum of Understanding in terms of the sketch ﬁled as Annexure-E to the application. On a petition ﬁled by Kodali Siva Kumar and others by means of order dated 17-8-1999, the Company in question was directed to be wound up in C.P.No.80 of 1996. Pursuant to the said orders, the Managing Director of the Company ﬁled a statement of aﬀairs before the Oﬃcial Liquidator. The statement of aﬀairs reveals that the Company possessed land and building purchased for a consideration of Rs.15,76,561.24 P.S. The Company proposed to establish Rice Mill in the said land, but failed to do so and never went into operation. The only creditors of the Company are G.Sambasiva Rao and P.Sambasiva Rao and V.S.Raju & Sons, who are the shareholders of the Company. The applicants herein earlier approached this Court by ﬁling C.A.No.2196 of 2004 seeking direction to the Oﬃcial Liquidator to distribute the assets in favour of the shareholders in the manner written in the accompanying Memorandum of Understanding. The said application came to be allowed on 16-12-2005. Since the arrangement turned out to be not workable, the present application has been ﬁled seeking the prayer stated supra. The Oﬃcial Liquidator placed on record his report. It is stated in para 9 of the report that applicants have to submit an aﬃdavit of concurrence for redistribution of the land to an extent of Ac.6.23 cents situated at Sulthanbad, Tenali, Guntur District, along with share certificates. Heard learned Counsel appearing for the parties. In view of the report of the Oﬃcial Liquidator, the applicants are directed to submit an aﬃdavit of concurrence for redistribution of the land to an extent of Ac.6.23 cents situated at Sulthanabad, Tenali, Guntur District, along with share certiﬁcates. On ﬁling such aﬃdavit, the Oﬃcial Liquidator has to distribute the assets in specie in favour of the shareholders/creditors in accordance with the Memorandum of Understanding in terms of the sketch ﬁled as Annexure-E to the application. The applicants have to bear the expenses for distribution of the land as indicated supra. Accordingly, the Company Application is ordered. No costs. _________________________ B.Seshasayana Reddy, J 8th December, 2011 smr