[ 3405 ] IN THE HIGH COURT FOR THE TE OF TELANGANA AT HYDERA D TUESDAY, THE NINETEENTH AY OF NOVEMBER TWO THOUSAND AND ENry FOUR PRESE THE HONOURABLE JUSTICE MO HUMI BHATTACHARYA COMPANY APPLICATIO No. 5 of 2021 IN COMPANY PETITION O: 42 of 2010 ln the matter of the Com anies Act, 2013 And ln the matter of Ms. Sanghi Pol ter Ltd. (ln Liquidation) Between: STATE BANK OF lNDlA, Having its Stre Asset Management Branch - ll (SAMB ll) -18359 at D. No 3-4-1013 Kachiguda, Hyderabad 500027. Represen Mr. B.V. Rangadham. Floor, CAC, TSRTC Bus Station, AND 1. SANGHT POLYESTERS LTD., (tN LtOU ATION) Represented by the Official Liquidator, High Court of Judicature for 2. Allahabad Bank, lndustrial Finance B Main Road, Hyderabad -500 016 e State of Telangana in Hyderabad ch, 6-3-850/3, 'lst Floor, Ameerpet 3. Punjab National Bank, Troop Bazar, Ban Street Branch, Koti, Hyderabad 4. Indian Overseas Bank, Himayatnagar, 5. Deena Bank, Bank Street Branch, Koti, 6. United Bank of lndia, Bank Street Branc Koti, Hyderabad 7. lclcl Bank Ltd., (The United Western k Ltd.) Khairatabad, Hyderabad 8. State Bank of Mysore, Abids Branch, H 9. Tte Lakshmi Vilas Bank Limited, Bank , Koti Hyderabad 10. lDBl Bank Ltd, Chappel Road, Baseerba h, Hyderabad 1 1 . United Trust of lndia, UTI Towers, GN Block, 7th Floor, Department Of lnvestmen! Monitoring, Bandra- Kuria Complex, Bandra (E), Mumbai-400 021 by its Assistant General Manager ...APPLICANT erabad erabad rabad 1, b,|;j"fi[:tT,n"oT,fi63on of rndia, rnvest Deptt., 6 Froor, west wing, Jeevan '/ 13. General lnsurance corporation of India, "suraksha", 170 J. Tata J. Tata Road, Churchgate, Mumbai 400 020 .14.The oriental lnsurance co. Ltd, oriental House, P.B. No. 7037, N25127, Asaf All Road, New Delhi 110 002 15.The New lndia Assurance co. Ltd., New lndia Assurance Building 87, M.G. Rao, Fort, Mumbai-40Ct 001 16. United lndia lnsurance co. Ltd., Head office, lnvestment Department, Ground Floor,24, Whies Road. Chennai 600 014 17.ASSET RECONSTRU'3TION COMPANY INDIA LIMITED, Havrng rts branch office at Flat No.207,2ND Floor, Bhuvana Towers, Above CMR Exclusive, S.D. Road, Patny, Sec.rnderabad 500 029' TS 18.lDBl STRESSED AStiET STABLIZATION FUND, Having its office at 3rd Floor, lDBl Tower, Cuflbe Parade, Mumlai 400 005 I 19.SRl RAVI SANGHI, Rr:sident of tOth Fl{or, Katarit Arcade, Off SG Highway' PO Markarha Ahmedalrad Guiarat 3800E,1 Application filed under:section 290(1) (c) of the companies Act 2013 read with iules of pthe Companiers (Court Rules, 1i959) praying that this Hon'ble Court may be pleased to 1. To direct the Official Liquidator ot tneit't Respondent Company to take physical possession of the assets of the Company from the persons ho[aing custody of sur:h assets immedi4tely and to take steps for sale of all the selured assets ol, the Company aqd to distribute the sale proceeds in accordance with the provisions of companies Act as per the priorities etc. 2. To direct the Liquidator not to recognile the Respondent no 6 namely Sri Ravi Sanghi as a set;ured creditor and accept any claim based on or by virtue of any assignmr:nt agreement or deed until the claims the Banks and other Lenders are fullv satisfied. : ...RESPONDENTS This application coming crn for orders, upofr reading the Judge's summons and the affidavit dated 28.01.2021, upon hearing the arguments of Mr. Praveen Kumar, counsel representing Mr. V.\/.S.N. Raju Counqel for the Applicant, and Mr. Vikram Pooserla Senior Counsel ,'epresenting Mr. Respondent No.19, and Sri J. Srinadh Redd Abhinay Reddy, Counsel for the for Respondent No. 1 and Sri P.V. Markandey 18. Counsel for the Official Liquidator lu, Counsel for the Respondent no. u I I The Court made the followirng: ORDER \ THE HON'BLE JUSTICE MOUSHUMI BHATTACIIARYA COMPANY APPLICATION No.5 of 2O2l IN COMPANY PETITION No.42 of 2OlO Mr. Praveen Kumar, leamed counsel representing Mr. V.V.S.N. Raju, learned counsel for the applcant. Mr. Vikram Pooserla, leamed Senior Counsel representing Mr. Abhinay Reddy, leamed counsel for the respofldent No_ 19. ORDER: Upon hearing learned counsel appearing for the applicant, who claims to be a secured creditor of the respondent No.1/Company-in-Liquidation, learned counsel appearing for the Ofhcial Liquidator appearing for the respondent No. 1 and learned counsel appearing for the respondent No. 19, it appears that the applicant hled a prior proceeding before the Debts Recovery Tribunar (DRT) at Hyderabad uide o.A.No, rog of 2oog, which was transferred to the Debts Recovery Tribunal_Il, after its establishment and renurnbered as O-A.No.2S43 of 2OtT, for the reliefs which are overlapping with the reliefs prayed for in the present Company Application. The reliefs prayed before the DRT include, inter alia, sale of the hypothecated properties in the schedures to the a I '/ // -. _4i._ rrSS 2 3' The appricant. has prayed for a direction on the offrciar Liquidator to take possession of the very same assets of the Company-in-Liquida tion in the present application. 4. Therefore, this Court is of the view that the ap clicant should pursue the O.A. filed by it in the DRT several years before filing of the present Company Application. In any event, the present Company Application appears to be pri rrariiy against the private respondent No. 19 who admittedly hold: Z 6%o of the debts of the Oompany_in_Liquidation. It is undisputed that the respondent lrro. 19 settled the debts of 9 out of 13 Uanks in the capacity of a grarantor and also as a major share h,older of the Company-in-Liquidation. 5. Admittedly, the parties in this Company Application are also parties to the O.A. filed by the applicant in the DRT. 6. The stand taken on behalf of the applicant makes it ,:lear that the applicant has filed the present Company Applicatic,n to pre-empt any adverse orders passed by the DRT. This cannot application, rvhich Liquidation. are the assets of the Comprany_in_ / I I 1 t t be done I I ! II ''w 3 7. Company Application No.5 of .2O2I, along with all connected applications, is accordingly dismissed. However, the applicant shall pursue the O.A. filed by it in the DRT. There shall be no order as to costs. //TRUE COPV// SdI. K. SRINIVASA RAO JOINT REGISTRAR C,\--- SECTION OFFICER To, 1. The Official Liquidator, Ms' Sanghi Corporate Bhawan, Bandlaguda, Nago 2. fhe Regiskar of Companies' Ministry lndia 2d floor CorPorate Bhawan, olyester Ltd., Office at le Hyderabad -500068 f Corporate Affairs, Gove 1st floor, rnment of 3 Village HaYathnagar Mandal, Rang agole, Bandlaguda, Thattiannaram Reddy District, Telangana State Y-9 Pin Code 500 680. , The Reoional Director, South Eastgn Region' Ministry of Corporate nffi*,'st- n;oiCorpoiate Bhawan, t'lagole' Bandlaguda' Thattiannaram ilft; - Hayatnnagi, Mandal, Rangl Reddy District Telangana State' Pin Code 500 680. I if,"-S.O. O.S. Section, High Court at Hy{erabad' for.the State of Telangana' one cc to sri J. SrinadhReddy, coun*el for official Liquidator, High court foratHyderabadlOPUCl | --- ^. one ci to sRl. Vv s u RAJU' AdvocaF toPUCl One CC to Mr. Abhinay Reddy, Advocale [OPU-CI ^- On" CC to Sri P.V. Markandeyulu' Advopate [OPUC] Two CD CoPies 4 5 6 8I DUgh HIGH COURT DATED:19/1112024 ORDER COMPANY APPLICATION No. 5 of 202fi - - IN COMPANY PETITION NO:42 of 2O1O DISMISSING THE COMPANY APPLICATION 1\ U fr r TE L4 , ..( s* H$ + .'F9"Jl (J I Qh }vt