1 IN THE HIGH COURT OF JUDICATURE OF BOMBAY IN THE HIGH COURT OF JUDICATURE OF BOMBAY IN THE HIGH COURT OF JUDICATURE OF BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.1308 OF 2007 WITH COMPANY PETITION NO.510 OF 2006 Satish D. Jain & anr. ..Applicants. V/s. Official Liquidator. ..Respondent. Mr.Y.K.Sharma for applicants. Mr.S.Ramakantha, Dy. O.L. CORAM: A.M.KHANWILKAR,J CORAM: A.M.KHANWILKAR,J CORAM: A.M.KHANWILKAR,J DATE : FEBRUARY 14, 2008. DATE : FEBRUARY 14, 2008. DATE : FEBRUARY 14, 2008. P.C. : P.C. : P.C. : 1. This Petition has been entertained on the basis of recommendation of the BIFR in its Order dated 31st December, 2003 wherein the Respondent Company was required to be wound up. During the pendency of the Company Petition, the Respondent company approached the BIFR as per the liberty granted in Order dated December 11, 2007. The BIFR considered the application of the Respondent Company and by order dated 18th December, 2007 noted that as per the audited balance sheet of the company for the year ended on 31st March, 2007, the company’s net worth was positive by Rs.11,05,113/- and is likely to be sustained on a long term basis. In other words, 2 the earlier opinion recorded by the BIFR in its order dated 31st December, 2003 does not survive. 2. As the Company Petition No.510 of 2006 is founded on the opinion of the BIFR in the order dated 31st December, 2003, it necessarily follows that even the said Petition will have to be disposed off. 3. Representative of the Official Liquidator has invited my attention to the Order passed by the Division Bench of our High Court dated 18th January, 2008 in Writ Petition No.2248 of 2007. However, it appears that the said Writ Petition has been dismissed for default and the fact that there is already subsequent order passed by the BIFR on 18th December, 2007 was not placed on record before that Court. 4. Be that as it may, as the original basis on which the Suo Motu Company Petition has been entertained, does not survive, there is no reason to keep the Company Petition pending in this Court. 5. Accordingly, this Application is allowed in terms of prayer clause (b) on condition that the Respondent Company shall pay cost to the Official 3 Liquidator quantified at Rs.5,000/-. That cost be paid within one week from today. Payment of cost is condition precedent. 6. Company Application as well as Company Petition stand disposed off on the above terms. (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)