1 ca-469-10-cp-882-09 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION jmi COMPANY APPLICATION NO. 469 OF 2010 IN COMPANY PETITION NO. 882 OF 2009. M/s. Tirupati Bright Bars Pvt. Ltd. ..Applicants/ Org.Petitioners. v/s. M/s. Massyv Steel Fitting Pvt. Ltd. ..Respondent. .... Mr. G.B. Kedia, a/w. Mr. M. Agre, for Applicants. None for Respondent. .... CORAM : S.J. KATHAWALLA, J. DATE : 12TH OCTOBER 2010. P.C. By this Company Application, the Petitioner has sought appointment of the Official Liquidator as the Provisional Liquidator of the Company, its assets, properties, affairs and records, registered office of the Respondent Company at Premraj Classic Apartments, Flat No.4 , Anand Nagar, Sangvi, Pune 411 207, and its factory situated at Gala No. 785, Pawarwadi, Kudalwadi, Chikhali, Pune and any other places with all powers under the Companies Act, 1956. 2. This Court had inter-alia recorded in a detailed order dated 18th January 2010 that the learned Advocate appearing for the Rrespondent Company on instructions of Mr. Vilas Rathod, Director of Respondent Company who was present in Court, has stated that 2 ca-469-10-cp-882-09 the Respondent Company shall pay an amount of Rs.7,71,387/- as follows :- Rs.4,00,000/- on or before 1st April 2010. Rs.1,00,000/- on or before 1st May 2010. Rs.1,00,000/- on or before 1st June 2010. Rs.1,00,000/- on or before 1st July 2010. Rs.71,387/- on or before 1st August 2010. It was further recorded in the said order that the Respondent Company through its Director, Mr. Vilas Rathod has further agreed and it is ordered that in case of any single default, the Company Petition shall stand admitted and advertised without further reference to this Court. By the said order, the Respondent Company was also ordered and directed to maintain status-quo in respect of the assets and properties of the Respondent Company till the entire amount was paid to the Petitioners. 3. The learned Advocate appearing for the Applicants/Petitioners informs the Court that the Company has not paid any of the above installments. The Applicants/petitioners have, therefore, deposited an amount of Rs.10,000/- with the Prothonotary and Senior Master of this Court and the admission of the Company Petition is advertised in the newspapers dated 5th October 2010. 4. The learned Advocate appearing for the 3 ca-469-10-cp-882-09 Applicants/Petitioners submits that in the meantime the Company has closed its business and has started a new enterprise in the name of M/s. Bhagyashree Enterprises at Gala No. 785, Pawarwadi, Kudalwadi, Chikhali, Pune, where the factory premises of the Respondent Company was situated. A photograph showing the signboard of M/s. Bhagyashree Enterprises where the factory premises of the Respondent Company was situated, is produced before this Court. It is therefore, submitted that the Respondent Company has breached the order passed by this Court directing the Company to maintain status-quo by closing down its business and starting a new business. It is submitted that the Respondent Company is therefore, likely to fritter away all its assets leaving its creditors high and dry. It is, therefore, submitted that the Provisional Liquidator be appointed as prayed for in the Company Application. 5. The learned Advocate appearing for the Applicants/ Petitioners has also filed two affidavits dated 12th October 2010 setting out how the Company Application was sought to be served on Mr. Vilas Rathod, the Director of the Company, and also upon the Advocate for the Respondent Company. However, the Advocate has not accepted the papers on the ground that the Respondent Company has taken back the papers in the matter from him and therefore, he has no instructions in the matter. The father of Mr. Vilas Rathod, the 4 ca-469-10-cp-882-09 Director of the Respondent Company, has refused to accept service of the Company Application. 6. Under the circumstances, I am satisfied that the Respondent Company has breached the order dated 18th January 2010 passed by this Court and is likely to fritter away the assets of the Company leaving its creditors high and dry. 7. In view thereof, the Company Application is allowed in terms of prayer clause (a). The Official Liquidator shall forthwith act on an authenticated copy of this order. 8. The Advocate for the Petitioners shall forthwith forward a copy of this order to Mr. Vilas Rathod, the Director of the Respondent Company at his residential address by Speed Post/ Registered Post A.D. 9. The Company Application is accordingly, disposed of. [ S.J. KATHAWALLA, J. ]