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2.1. A lease deed dated 27.10.2006 was executed between the appellant and M/s Zoom Developers Private Limited (which is in liquidation before this Court, hence, hereinafter referred to as 'the company in liquidation') for a period of 90 years for design, development & construction, operation and maintenance of International Exhibition and Trade Centre for international standards and quality. The appellant gave 18 months to the company in liquidation to complete the development activities and commencement of commercial operation. The company in liquidation did not comply with the timelines, despite several correspondence, meetings, warnings, assurance etc. 2.2. A show-cause notice dated 24.09.2010 was issued by the appellant contemplating termination of the lease on account of non- fulfillment of the terms and conditions. A reply to the show-cause notice was filed by the company in liquidation. Thereafter, a second show-cause notice was issued on 06.01.2011. The reply filed by the company in liquidation was not found satisfactory, therefore, vide notice dated 07.06.2012, the lease was terminated.

NEUTRAL CITATION NO. 2024:MPHC-IND:35752 2.8. The Senior Manager, of UCO Bank approached the High Court by way of a Company Petition seeking winding-up of M/s Zoom Developers Private Limited under Sections 433(3) & 434 of the Companies Act. The company petition was admitted on 20.11.2014, and thereafter, the Official Liquidator of the High Court was appointed as the Official Liquidator of the company in liquidation.