M/S Ampro Products Ltd v. It//S lntegrated Finance Company Ltd

The Official Liquidator, High Court of A.P., 3-5-398, First Floor, Kendriya Sadan, Sultan Bazar, Hyderabad. ...Respondents l.A. NO: 1 OF 201S(APPL. NO: 918 OF 2015 ) Petition under Section 151 CPC R/w Rule g of the company court Rules 1959 praying that in the circumstances stated in the affidavit filed in support of the petition, the High Court may be pleased To fix an early date for hearing of OSA No.23 of 2007, pending before this Hon'ble Court . I.A. N O: 1 OF 2007(AP PL. NO: 442OF 2007) Petition under Section 151 CPC praying that in the circumstances stated in the affidavit filed in srrpport of the petition, the High Court may b e pleased to ;r;p;il the order daled 06_06_07 passed in c.p.No.36 ol 1998 passed by the Single Judge o{ High Court of A.P , Hyderabad' Counsel for thr.' Appellant :Ms. K UDAYA SRI Counsel for thr: Resp<tndent No.'l: SRI N ASHWANI KUMAR Counsel for thr: Respondent No.2 :SRl J SRINADHA REDDY The Court deli'rered tlle following: Judgment THE HON'BLE SRI JUSTICE T. VINOD KUMAR AND THE HON'BLE SRI JUSTICE PULLA KARTHIK O.S.A. No. 23 of 2OO7 JUDGMENT: 1p er I'Ion'ble Si Justice T.Vinod Kumar) Heard learned counsel for the appellant, Sri N.Ashwani Kumar, learned counsel appearing for respondent No.1, Sri J.Srinadh Reddy, learned Standing Counsel for Official Liquidator/ respond en t No.2, and perused thc record.

2. This Original Side Appeal is filed against the order of the lcarned Companl. Judge dt.06.06.2OO7 in Companl' Petition No.36 of 1998, whereby the appellant Company was ordered to be wound up and thc Official Liquidator attached to this Court was appointed as Liquidator of lhe appellant/ respondent Company in the CP, and directed to take possession of the assets o[ the appellant/ respondent Company, after issuing notice to the persons in the management of said company and file a report.

3. This Court under the impugned order, further directed that notice of winding up be published in Vaartha' Telugu daily and 'Deccan Chronicle' English claily of local editions, apart from serving a copy of the order on Lhe Registrar of the 2 - Companie,s and the respondent herein was clirected to deposit an amount ,rf Rs. 10,000/_ u,ith the Oflicial Liquiclatcr u.ithin a pcric,d of for tr (04) rvceks from the date of cr.clcr, tc meet the incirien t:rl c I pL'nses.

4. /\ggrir:,;r:d by the aforesaid order, thc i rppcllant/ respondent Company had filed the present appcal and this Court had rrLtially granted interim suspensicn <:r.t f ,,>.O7.2OOT subje ct to tlri: ;tppcllant hereir.r depositing a sum of Rs.40 lakhs witht'r a pur od o1't\,l,o months liom that date.

5. Thcrorrt'tcr, thc said interim order uras made absrtluLe and the amour)t deposr ted by thc appellant/ rcsponden L_(lompany was termitre.cl ro be rvithdrau,n b1, the res,pondcn _ herein, r,l itho rL lurn:slring any securitl.

6. Thcrt:aflr:r, thc appellant had deposited further amounts in ord:r to :;r 11lc the outstanding dues of Lhe respondcnr herein.

7. During r1're pendency of this appeal, fhe appellar Lt herein had dcpositer 1 a iirrther sum ol Rs.SO lakhs, in tu,o tre nches of Rs.25 lakl-rs :trch, and on such cleposit, the R(jgistra r(Generai) was dtrected to deposit the same in an interest bearing frxed ; ! I 'I I l I I I : 3 deposit in a nationalized bank to the credit of the C.p.No.36 of 1998 and OSA.No.23 ol 2007.

8. Pending adjudication of the appeal, the respondent/ company-petitioncr was permitted to withdraw.the amount lying to the credit of the CP with the Registrar(General), and thus, in a1l the respondent / company-petitioner has withdrawn an amount of Rs.2,25,0O,000/ - as against the amount of Rs.3,50,00,0O0 / - deposited by the appellant-company. Thus, a balance amount ol Rs. 1 ,25,00,OOO/ - is lying to rhe credit of the Company Petition with the Registrar(General), and the aforcsaid amount is kept in an interest bearing fixcd deposit with a nationalized bank.

9. Today, when [he matter is laken up, Icarned counsel for the appellant would submit that he has no instructions in the matter

10. The respondent-Company had filed the company petition under Sections 434 of the Companies Act, 1956; against the appellant herein for its inability to make the payment of the amount claimed by it in a sum of 1ts.3,O0,23,351/- along with accrued interest thereon in a sum of Rs.3,04,98 ,727 / -, in all totaling to a sum of Rs.6,O5,22,O781-. 4 -I- 1 1 . As t}-rt appe llant/ respondent Company hacl failt d to pay the afores;lri. amount, the Company Court hacl r;cme to a conchrsion that the appellant/ respondent Cornpanr. is not in a positi rrr to 11.11 the afore said debt due tc thc C ompany- petitioncr rarrri thus, being tiabte to be ,"r.ounrl up r,-r tcrms of Sectic,n 43.1 rl the Act.

12. Er-cn r hougl-r the present Appcal is pending olt thc file of this Cr>urt. stnce 2007, thc appellant / resp,--rndcn r l)ompany having fai r:d to discharge its debt tov,,ar.ds the re spo rcLr:nl / :ompar-t1-petition er, lhis Court is of 1l-re ,'ic$' that there is no point rn kecping thc present appcal pcnclirrg, much less, rvhr:n tlrr-: appellant/ respondent Company h:rs not provided any irLst-ruct ons 1o iLs counsel to pursue the m:rttcr.

13. In r.,irri of the aLrovc, lhis Court is of tire r. ie.,r thal the order of tht: ur:rrncd Company.Iudge orderirrg v,,incling rp of the appelJant/ r'e sponden t Company, does not call lbr any interft:renct:.

14. Accorc ingl1,, this OSA is dismissed. The Official Liquic ator slralL take lurther action in Lerms of the orcler oI the learne d Corr p:rn.,. Judgc in CP.No.36 ol 1998. As reglards the balanr:e atr ount deposited by Lhe appellant,r resl]ondent- 5 Company with the Regrstrar(General) of this Court, the Official :l Liquidator take further steps lor transfer of the balance amount to the liquidation account of thc appellant/respondent-company and to invite claims, accordingly. No order as to costs.

15. Consequently, miscellaneous petitions pending, if any, shall stand closed. //TRUE COPY// SD/- K. SRINIVASA RAO JOINT REGISTRAR I ECTION OFFICER To,

1. The Official Liquidator, M/s. Sirsilk Ltd, Office at 1st floor, Corporate Bhawan, Bandlaguda, Nagole, Hyderabad -500068

2. Ivt/S Ampro Products Ltd, filanaging Director, 1-1o-B/D, Ampro House, Airport Road, Begumpet, Hyderabad -16, Rep. by its lr/anaging director, lvlr' M Venkat Rao.

3. M/S lntegrated Finance Company Ltd., Flat No.1 03, Sharaddha Apartments, St. FranCis Road, Besides lvlanohar Theatre, Secunderabad-2s Rep by its Managing Director,George Kuruvilla

4. The Section Officer, O.S. Section, High Court for the State of Telangana at Hyderabad.

5. One CC to NIS. K UDAYA SRl, Advocate [OPUC] 6. One CC to SRI [/R J SRINADHA REDDY, Advocate IOPUC] 7. One CC to SRI N ASHWANI KUMAR, Advocate [OPUC] 8. Two CD CoPies l . ADK/gh HIGH COURT DATED:21 10212025 JUDGMENT OSA.No.23 ot 2007 (a i' o i) DISMISSING T'HE OSA ,r\ .. ,ii 9f 1EI s *+f ci* rl crt{.