IN THE HIGH count? or KARNATAKA AT BANGALORE
DATED Tl-I18 THE 2m DAY or APmL..2faio:8l§"VV;.%« H
mm 110l!'BLE MR. Jusfriém DEEPAE§ VE1§M--£Et
= .
'Karnataka Stats: Finmc~ia1j'{ic1~9s:rafiGn, 1 " "
No.1/1,Thi;m'naiahRoag1,_j,= % "
BANGALORE ., 2
RepmseI3ited,.'by'its-V._ b " j[ K ' _
General (AR).-. ..
(By V\f..i_jV2:9x3r S1ié33,kar, 3311101' Counsel for
V 31'}; S'.G;TP7a.'&Adii, . ./\.'3.*.n}
,1' :*1*H_E OFVFICIAL LIQUIDATOR OF'
M[E:'gSHREE SHYLA GEARS AND PINi0NS (P)
1~:1'u.," vAf1'1'AcHI::L) T0 Hl(3rHCOUR'l' 01+' '
' 4T1-I FLQCJR, D 65 F WING,
'KENDRIYASADAN, KORAMANGALA,
_> BANGALORE 560 G34.
n T 22 'THE OFFICIAL LEQUIDHTGR (JF-
M] SSHREE SI-IYLA ESCAPEMENTS (P) L'I'D.,
ATTACH ED TO HIGHCOURT OF KARATANKA,
4TH FLOOR, D 8!. F' wma,
KENDRIYA SADAN,I{ClRAMANC:'rALA,
BANGALORE 34. ,
(LO
THE OFFICIAL LEQUIDATOR OF
M/S.SI-IREE SI-IYLA PRECISION SHAF'I?«.£,'r.Jfgt
(P)LTD.A'i"'i"ACHE'D T0 COURT GE?' _
KARNATAKA/ITH FLOOR ,D&-. F' wING,.,
KENDRIYA sADAN,K0RAMANGA1,A,"' " =
BANGALORE 34. " « . -1'
T1-IEQFFICIAL L.1r.',;r,,I1L=.A.Tc,u32 GE =
M] s. SHREE S-I-IYLI'; 1-EQROLO_GICALG~ (P) ..L'1'[;>.,
P.'l"i'A(JH.':31)'i'{) H1G.'~+.C'GuR'i'G;_~*
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KENDR'iYi\ S.ADAN,Ki0i?AMAIx:.GALA,
BANGALORE 34}; ; V
THE OF_FICIA;,...LIQ'1.JlE3ATO!§!"(JvF'~--'"
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"=.,_1"HE,_G}j'FIc1AL LIQUIDATOR cm
Kw s..;sHREE SHYLA REPETITIVE PARTS (P)L'I'D
_ ATMGHED TO HIGH CCJURZ' OF
KARNATAKA,4TH FLOOR ,D&. F WING,
":.!<IENDRIY:'\. S.*'.D."d\.',£1TIFi-- FLOOR ,,'D._&~.. WING,
KENDRIYA SADAl¥I','I{ORASVIANGALA;
BANGALORE 3g}_._' V ..
THE :CJ1§'EfI.CIAIj--. I_.1:;; LiiD§AT§:v1ié "£3-F':
M;s,'sHR.EE sH_Y__LA.. JIGt1 & FIXUTURES
{P} ;.'1'.;:_;'.',.A':'1'A.<;Hté;':3 Hififl COUR1' ms
__ %KARN_AT-.M$A,--1.Ti1__p'1;o-:23 ,,~D& F WING,
i<Eh:~f3:'§iYii4SA:3AN,KoRAMANGALA,
BANG"1.o.13E_34,__'~. % %
1'-HE' r)Fi:*1cii39;L- IJQUIDATQR (:11?
M/"ELSHREE 1-BHYLA PRECISION COMPONENTS
V (P) LTDA..._,ATTA€3HEIf) TO HIGH COURT OF
,mRNATA1«:A,~4'TH FLOOR ,D&. F WING,
~. 3 ' .1<FM;R1Y;. sAmN,K0RArviANGALA,
_ "'--v.,BANC,';AI".ORE 34.
TEE {BFFICIAL LIQUIDATOR OF
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. KARNA'I'AKA,4TI-I FLOOR ,D&. F WING,
14
HEP-JDREYA E}?-.D;'-EN , KORAI'v'IAN GALA,
BANGALORE 34.
THE OFFICIAL LIQUIDATOR OF
M] S.Sl-IREE SI-IYLA GRAPHICS
TEE
(P) LTD.,A'I"T'ACI-IED TO HIGH COURT OF'
KARNATAKA,4'I'H FLOOR ,D&:. F WING,
KEN DRIYA SADAN , KORAMAN GALA,
BANGALORE 34.
OFFICIAL LIQUIDATOR OF' . ~ p "
M] S.SHREE SI-IYLA SCRF;EN"PRINTERSV"' 4. V
(P) LTD., ATTACHED TO HIGHAAQOURTAOF O' "
KARNA'I'AKA,4TH FLOOR ,D&."F WIN(3,._ " . .
KENDRIYA SADAN,KORAMAP1_G{ALA,
BANGALORE -34. V
g.....L
CH
16 THE OFFICIAL LIQUiDATC--R"E'rF
M / s. SHR EE e_H'¥LA --STAMP;I_N(3S
(P) L'l'D.,A'I"l'ACHb_3D '1*o,":'huoHeV.(3ou!x'1' OF
KARNA'IV'AKA,4THV FLOQI2i ,I:;a's--.-,, 12*' wine,
KENDRI'YA sA;.DAN,1s;oRAMANoeLA,
BANQALQRE 34. , .. assyomzsms.
{By Sii }iRA?fl :1'-ID SHUK.'L5'\A_ibr' (';'i.?io"1a1 Liquidator).
____ H V ' _ ' *_A:__;;g_+_z%_*_*_*__*_*_*_*
Thiiiyfippeal under Section 4 of the High Court Act,
against. 'the 'dshtted 20.07.2007 passed in Company
Application No.'1?'3_/'L300'? in Company Petition No.12-'22/1980
and connected 'mattexfsfif. '
<'1'his Appeal coming on for Admissim thi"- day. D'""p
v-iljfuésrzna. 4., dclivértrd the following:
Q Q Q Q M E N T
Sri.S.Vijay Sllankar, learned senior counsel for
A. , _S1'i.S;(iPa11dit, learned counsel for the appellant and Sri.AravJ'.nd
A' "-Sliukla, Official Liquidator for the respondents. Record perused.
7._i’3S
. o- H I
‘.2. This appeal under Section 4 of the High read
with Section 483 of the Companies Act, has by
the Karnataka State Financial Corporation”
to for short as “KSF’C”) against” the” order -; it
passed by the 1_ia_rned. <3omp..ny".t__.
Nos.12 to 22} 1980 "id 25 it Judge
after having heard .1e-arned" forflthe"parties and after
perusal of the records, .__Order:
_ 'Q.-."T11?% icomoirav inn——-~~"is directed to
V :aߤ-rA'Vdedi1c'tir1gi Rs. 1 1,79,51,o5o-54
…. _'Vand"1a{s.'34;.so,o0c;mitten is paid as Central
_ 1 Commission, remaining amount
— to’ Liquidator with 12% interest
it _y nom -18i.’:_”)S.«:2i)04 the date of payment.
. this stage, learned counsel for the
‘4.yC1oIpoIatio11 requested six months time to
__ the payment. As the amount is earning
“71’er”st, months as prayed for is granted
it the s._id arnou1.t. It is also made
clear as there is a dispute regarding actual
amount due under the decree as stated
above, the Oflicial Liquidator and the Office of
the Corporation shall sit together and jointly
“®
calculate and arrive at a tigure a11§d’—.pt11at
would he the ‘basis for appropriatior3.~£”‘ = .’
approacheci the Civii Couxft. It:-the applieatioh fileti by the
appellant, the following was madezi
*r1;i$é.’ _
Z
O
:3
:2
<1:
(“3
<2
i
I.
1.’.-‘
:7:
2.
:1:
:3:
m
«”9
53..
-1-
O
D
pe1*n1itt:i1;g_V:the aell the movable
as detailed in
therein and appropriate
‘:1 the’ decretal amount and
ii ‘ = ~ _cos’t, ‘etc.’ ‘ I
4. ‘Tine said ~appiiCation of the appellant was aiioweci by the
CiouIt_.___..A’ppeHant herein filed an application seeking
p€131ii3Sii()t1′ to stand outside the winding up and bring the
Official Liquidator was directed to hand over
iiposaesaion of the property to the appellant. He did so and
A’ ‘ L–harttled over the possession to the appellant, which conducted
the auction sale of the properties of the companies under
1;.l’I’I’l’:lq r1’l’1’r\r1 \
11-
”C../
Company Judge on 20.0′ .’ O04}, ”
—- ‘moved * and
application with a prayer that –:
whole of the sale money asstheaainounf be ilthe
Company is much mom u1’1ae”beein’Vdi1~ected to be paid
in the proceedings iii _SectionHV31 of the State
Financial Corporafioi1s._Aet. hand, the Official
!.;qui..a.or rr.1ov}%:d an ‘ap1,.ica..Lon_ ;t.rit;:.—–a prayer tha. except whee.
Court, die’ be directed to be paid” to
the VLiqnid_ator«a11 the sixteen companies have already
been directed tube ixionnd up.
> _ATfLif:zpJfayC1’0fti1B Ofi’1ciai Liquic’1ai:or has been aiiowed and
_ has been directed to transmit the remainder
eiineu.i:t,«i§i1iieii is being held by it unlawfully and illegally. If is
.. Vfliis order of learned Company Judge, which is being challenged
13}’::KSFC. 795
7. Initially after having heard the learned slcouiisel for
appellant, we had granted time to it to niatter as
we are of the opinion that there is no meritiioi” substance _i11..1;11e
appeal. We have been given to.’understand.;
n ced be ore the Bomj of Di_rect.”._._i of an1;=..1_;a..i1-t,V’?.3.ut no
…………1:_ ..
.. ‘ 1-:… ………….1 ‘…”~1,1 1,…’ ,f’ _ ‘ -_
conaensua iii tines icgmu Czgtizu uc 1′:.i;~.’..lJ.\r?5Ll. tg uluas
heard the matter onvn;1efita.l””‘
8. After having 11ea17d_ ‘t11ev..lea1’ned’ Vcatnisel for the pa__I’Li,:~:. and
enterta’ 113: ap’1′:ea_;’:.”i*’~’:Learned; Company Judge has assigned
cogent, reasons for allowing the application
filed by the Oflici£d.iLiqnidato1′ to determine the amount due and
payabletto ..appe]lant and the remainder to be paid to the
‘l.iquidator;’ Learned Company Judge has also recorded a
C the appellant could not have retained more amount
it ,__tha11_Wl’iati:;has been directed to be paid to it by the City Civil.
Court. in toe proceedin”s initiated h” it under Section 31 of the
“01 Act. According to us, the correct
legal proposition has been propounded by learned Company
‘Trek ‘
‘VJ
Judge.
E0
the faisity of its claim before the iearned to
withhold the whole of the sale __pcQns4idereifio11;
deposit the remainder amount. V’ of ‘:
City Civil Court. This is indpicgitiveiiof appeilaiit
knew that it had no case 0I1i.§Vi’i:I’IZii’7::I”i”ES3_’.tO” amount over
and above the order
10. As diieei;ed._ Judge, we grant
further two vto appellant to comply with the
direction ‘t1Viei’1e;<=.*.-._<:-id Company Judge.
1 1. 'No Case' fof Ziiiterfeienoe is made out. Appeal being devoid
of _m,erits 'ibis iacooidnlgly dismissed with no order" as to
' . coétsi,'-e V.
i HAGV.