Calcutta High Court
M/S. Jawala Steel Ltd vs Unknown on 25 June, 2015
Author: Sanjib Banerjee
Bench: Sanjib Banerjee
OD 1
CA 551 of 2014
WITH
CP 329 of 2013
IN THE HIGH COURT AT CALCUTTA
Original Jurisdiction
ORIGINAL SIDE
IN THE MATTER OF :
M/S. JAWALA STEEL LTD.
AND
IN THE MATTER OF :
B. N. S. ENTERPRISE
BEFORE:
The Hon'ble JUSTICE SANJIB BANERJEE
Date : 25th June, 2015.
Mr. Ronojit Chowdhury,Advocate appears.
Mr. A.K.Sur,Advocate appears.
The Court : - CA 551 of 2014 is an application by the West Bengal Finance Corporation for leave to take appropriate steps against the securities furnished by the company under Section 29 of the State Financial Corporations Act, 1951.
However, it appears from an order dated September 25,2014, that the order of winding-up has apparently been permanently stayed, though the order does not record as such. The relevant order reads as follows :-
"It appears that the contributory has managed to come to a settlement with the petitioning creditor.
In the event the contributory pays the expenses incurred by the Official Liquidator during and after taking possession of the company (in liquidation), the Official Liquidator will hand over possession of the company to the contributory.
All petitions together with connected applications are, accordingly, disposed of."
The Official Liquidator says that since the company has paid the expenses of the Official Liquidator, the Official Liquidator has handed over possession of the company and its assets to the persons in control thereof prior to the order of winding-up being made. It is submitted on behalf of the Official Liquidator that the Official Liquidator regards the order dated September 25,2014 to be an order permanently staying the winding-up order.
The order dated September 25,2014 should be recognised as an order permanently staying the winding-up order. Accordingly, CA 551 of 2014 becomes meaningless as the WBFC is entitled to enforce its securities in accordance with law without any further leave of the Company Court.
There will be no order as to costs.
Urgent certified website copies of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.
(SANJIB BANERJEE, J.) S.Chandra