Winsome Textile Industries Limited vs Mangla Cotex Limited on 7 May, 2010
It was on 16.11.2006, after hearing learned counsel for
the parties, that CP No. 650 of 2006 filed by the Canara Bank for
transposing as petitioner was allowed. The present CA No. 364 of 2006 was
adjourned for 30.11.2006. Even when CA No. 364 of 2006 was pending,
another application CA No. 387 of 2006 titled Ashwani Kumar vs.
Winsome Textiles Industries Limited with affidavit of Manish Kumar Jain
s/o Padam Kumar Jain dated 10.05.2006 was filed for setting aside of the
order dated 23.03.2006 whereby the Official Liquidator was permitted to
sell the property of the company in liquidation. It was averred in Para No. 9
CP No. 364 of 2006 and [5]
CA No. 835 of 2009 in CP No. 416 of 2002
of the application that the company i.e. M/s Mangla Cotex Limited, has
been promoted by Shri Manish Kumar Jain, Shri Rajesh Kumar Jain, Shri
Ashwani Kumar Jain and Shri Sudhir Kumar Jain, all sons of Shri Padam
Kumar Jain in joint sector with Punjab State Industrial Development
Corporation. CA Nos. 682 of 2007 is that the order dated 16.01.2004 may
be recalled for winding up of M/s Mangla Cotex Limited and allow
Winsome Yarn to withdraw the company petition. The said application is
accompanied by affidavit of Rajesh Kumar Jain s/o Shri Padam Kumar Jain.
The aforesaid application is also preferred through Shri B.S. Malik,
Advocate, who has filed CA No. 364 of 2006 as well. CA No. 815 of 2007
has again been preferred for recalling of the order dated 16.01.2004. The
said application is supported by an affidavit of Ashwani Kumar, shareholder
and former Director of Mangla Cotex Limited in liquidation. All the three
applications came to be decided by the Hon'ble Company Judge on
30.09.2008. In the aforesaid order, the Hon'ble Judge considered the filing
of application by the Canara Bank for recovery of its dues before the Debts
Recovery Tribunal (for short "DRT") under the Recovery of Debts Due to
Banks and Financial Institutions Act, 1993.