Karnataka High Court
M/S Raymond Limited vs M/S Kavitha Tubes Limited on 10 August, 2018
Author: B.Veerappa
Bench: B. Veerappa
1
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
DATED THIS THE 10TH DAY OF AUGUST 2018
BEFORE
THE HON'BLE MR. JUSTICE B. VEERAPPA
CO.P.NO.199 OF 2000 A/W
CA.NO.257/2015
CA.NO.35/2018
IN COP.NO.199/2000:
BETWEEN:
M/S.RAYMOND LIMITED
A COMPANY INCORPORATED UNDER
INDIAN COMPANIES ACT, 1913
HAVING ITS REGD. OFFICE AT:
PLOT NO.156-H, VILLAGE ZADGAON
RATNAGIRI, MAHARASHTRA-415 612
REPRESENTED BY ITS
DEPUTY GENERAL MANAGER (LEGAL)
SHRI C.S.CHETTIAR ... PETITIONER
(BY SRI K.ARUN KUMAR FOR M/S.CREST LAW, ADVOCATES)
AND:
M/S.KAVITHA TUBES LIMITED
A COMPANY INCORPORATED UNDER
COMPANIES ACT, 1956
HAVING ITS REGISTERED OFFICE AT
NO.58/1, FIRST FLOOR
SADAR PATRAPPA ROAD
BANGALORE-560 002
REPRESENTED BY ITS
MANAGING DIRECTOR ... RESPONDENT
(BY SMT.LAKSHMY IEYNGAR, ADVOCATE)
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THIS COMPANY PETITION IS FILED UNDER SECTION 433
(e) OF THE COMPANIES ACT, 1956 PRAYING TO WIND-UP THE
COMPANY VIZ., M/S.KAVITA TUBES LIMITED UNDER THE
PROVISIONS OF THE COMPANIES ACT, 1956 AND ETC.
IN CA.NOS.257/2015 & 35/2018:
BETWEEN:
1. SRI T.BHIMARAJ, S/O.SRI TULASIRAM
NO.20, 34TH MAIN, 4TH CROSS
VYSYA BANK COLONY
SARAKKI MAIN ROAD
J.P.NAGAR 1ST PHASE
BENGALURU-560 078
2. SRI T.NARAYANAPPA
NO.21/17, SANJIVANAYAKANA LANE
KAVAPI REVANNA SHETTY PETE
BENGALURU-560 002
3. SRI B.RAMESH KUMAR
S/O. SRI T.BHIMRAJ
NO.20, 34TH MAIN, 4TH CROSS
VYSYA BANK COLONY
SARAKKI MAIN ROAD
J.P.NAGAR 1ST PHASE
BENGALURU-560 078 ... APPLICANTS
COMMON
(SRI S.VIVEKANANDA, ADVOCATE FOR APPLICANTS)
AND:
1. THE OFFICIAL LIQUIDATOR OF
M/S.KAVITA TUBES LIMITED
(IN LIQUIDATION)
HIGH COURT OF KARNATAKA
"CORPORATE BHAWAN"
NO.26-27, 12TH FLOOR
RAJEJA TOWERS, M.G.ROAD
BANGALORE-560 001
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2. M/S.RAYMOND LIMITED
COMPANY INCORPORATED UNDER
INDIAN COMPANIES ACT, 1913
HAVING ITS REGISTERED OFFICE
AT: PLOT NO.156-H
VILLAGE ZADGON, RATNAGIRI
MAHARASHTRA-415 612
3. CANARA BANK
ARM BRANCH
38 & 39, I FLOOR, 5TH CROSS
MALLESHWARAM
BENGALURU-560 003
4. KSIIDC
4TH FLOOR, EAST WING
"KHANIJA BHAVAN"
NO.49, RACE COURSE ROAD
BENGALURU-560 001
5. KSSIDC
RAJAJINAGAR INDUSTRIAL TOWN
RAJAJINAGAR
BENGALURU-560 023 ...RESPONDENTS
COMMON
(BY SMT.LAKSHMY IYENGAR, ADVOCATE FOR R-1/OL;
SRI K.ARUN KUMAR FOR M/S.CREST LAW, ADVOCATES FOR R2;
SRI HARIDAS BHAT, ADVOCATE FOR R3;
SRI T.P.VIVEKANANDA FOR SRI P.S.MANJUNATH,
ADVOCATES FOR R4;
SRI P.R.RAMESH, ADVOCATE FOR R5)
COMPANY APPLICATION NO.257/2015 IS FILED UNDER
RULES 6 AND 9 OF THE COMPANIES (COURT) RULES, 1959,
READ WITH SECTION 151 OF THE CODE OF CIVIL PROCEDURE
AND SECTION 466 OF THE COMPANIES ACT, 1956, PRAYING TO
RECALL THE ORDER OF WINDING UP OF THE COMPANY -
M/S.KAVITA TUBES LIMITED IN COMPANY PETITION
NO.199/2000 DATED 17.01.2003 PASSED BY THIS COURT OR
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IN THE ALTERNATIVE PERMANENTLY STAY THE WINDING UP
ORDER DATED 17.01.2003 PASSED BY THIS COURT FOR
WINDING UP THE AFORESAID COMPANY IN THE COMPANY
PETITION NO.199/2000 IN THE INTEREST OF JUSTICE AND
EQUITY.
COMPANY APPLICATION NO.35/2018 IS FILED UNDER
RULE 11 OF THE COMPANIES (COURT) RULES, 1959 READ WITH
SECTION 5 OF THE LIMITATION ACT AND SECTION 151 OF CPC
PRAYING TO CONDONE THE DELAY IN FILING CA.NO.257/2015
FILED FOR RECALLING OF THE WINDING UP ORDER UNDER
RULES 6 AND 9 OF THE COMPANIES (COURT) RULES, 1959, IN
THE INTEREST OF JUSTICE AND EQUITY.
THIS COP. ALONG WITH COMPANY APPLICATION
NOS.257/2015 AND 35/2018 COMING ON FOR ORDERS THIS
DAY, THE COURT MADE THE FOLLOWING :
ORDER
Learned counsel appearing for the KSSIDC, Industrial Estate, Rajajinagar, Bengaluru filed an affidavit of the Deputy General Manager, Zone-1 of KSSIDC stating that the outstanding amount due to KSSIDC from the Company in liquidation - M/s.Kavitha Tubes is Rs.18,24,535/- including interest on 31.07.2018. Further interest for the period subsequent to 31.07.2018 and upto the date of actual payment is also required to be paid. 5
2. Learned counsel appearing for the applicants in CA.No.257/2015 filed a memo dated 10.08.2018 stating that an amount of Rs.2,50,000/- is paid in favour of Raymond Limited - respondent No.2 vide Demand Draft dated 20.04.2018 drawn on South Indian Bank, an amount of Rs.50,00,000/- due to Canara Bank - respondent No.3 has been paid on 26.04.2018 and an amount of Rs.95,14,000/- due to KSIIDC has been paid in the first week of June, 2018. He has also filed an another memo dated 10.08.2018 to the effect that the applicants also paid a sum of Rs.18,24,535/- in favour of KSSIDC vide three Demand Drafts dated 16.07.2018, 21.07.2018 and 08.08.2018 respectively, drawn on South Indian Bank. The said affidavit and memos filed are placed on record.
3. Learned counsel appearing for the applicants in CA.No.257/2015 further submits that the amount due to the respondents-Creditors has been paid. Learned Counsel 6 for the respondents in CA.No.257/2015 has not disputed the said submission.
4. Since the applicants in CA.No.257/2015 cleared all the dues to the respondent-Creditors, there is no impediment to allow the application filed by the applicants under Rules 6 and 9 of the Companies (Court) Rules, 1959 read with Section 151 of CPC and Section 466 of the Companies Act, 1956.
For the reasons stated above, CA.No.35/2018 filed for condonation of delay in filing CA.No.257/2015 is allowed. Consequently, CA.No.257/2015 is also allowed. The winding up order dated 17.01.2003 made in Company Petition No.199/2000 is recalled. It is needless to observe that the Company now revived, if any amount due to any creditors, it is open for the creditors to file a separate company petition in accordance with law.
In view of the aforesaid reasons, the Company revived has to pay a sum of Rs.25,000/- to the office of 7 the Official Liquidator for the expenses they have spent to pursue all these applications before this Court.
In view of the above, Company Petition No.199/2000 is disposed of.
Sd/-
JUDGE LB