{"id":238013,"date":"2008-04-02T00:00:00","date_gmt":"2008-04-01T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/karnataka-state-financial-vs-the-official-liquidator-of-on-2-april-2008"},"modified":"2015-12-12T10:45:21","modified_gmt":"2015-12-12T05:15:21","slug":"karnataka-state-financial-vs-the-official-liquidator-of-on-2-april-2008","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/karnataka-state-financial-vs-the-official-liquidator-of-on-2-april-2008","title":{"rendered":"Karnataka State Financial … vs The Official Liquidator Of on 2 April, 2008"},"content":{"rendered":"
Karnataka High Court<\/div>\n
Karnataka State Financial … vs The Official Liquidator Of on 2 April, 2008<\/div>\n
Author: Deepak Verma Byrareddy<\/div>\n
IN THE HIGH count? or KARNATAKA AT BANGALORE\nDATED Tl-I18 THE 2m DAY or APmL..2faio:8l\u00a7\"VV;.%\u00ab H\n\nmm 110l!'BLE MR. Jusfri\u00e9m DEEPAE\u00a7 VE1\u00a7M--\u00a3Et  \n\n \n\n = .\n\n'Karnataka Stats: Finmc~ia1j'{ic1~9s:ra\ufb01Gn,  1 \" \"\nNo.1\/1,Thi;m'naiahRoag1,_j,=    % \"\nBANGALORE ., 2    \nRepmseI3ited,.'by'its-V._ b \" j[ K   ' _  \nGeneral  (AR).-.  .. \n\n (By V\\f..i_jV2:9x3r S1i\u00e933,kar, 3311101' Counsel for\n\nV 31'}; S'.G;TP7a.'&Adii, . .\/\\.'3.*.n}\n\n,1' :*1*H_E OFVFICIAL LIQUIDATOR OF'\n  M[E:'gSHREE SHYLA GEARS AND PINi0NS (P)\n  1~:1'u.,\" vAf1'1'AcHI::L) T0 Hl(3rHCOUR'l' 01+' '\n'  4T1-I FLQCJR, D 65 F WING,\n'KENDRIYASADAN, KORAMANGALA,\n\n_> BANGALORE 560 G34.\n\n n T 22 'THE OFFICIAL LEQUIDHTGR (JF-\n\nM] SSHREE SI-IYLA ESCAPEMENTS (P) L'I'D.,\nATTACH ED TO HIGHCOURT OF KARATANKA,\n4TH FLOOR, D 8!. F' wma,\n\nKENDRIYA SADAN,I{ClRAMANC:'rALA,\nBANGALORE 34. ,\n\n\n\n\n\n(LO\n\n\n\nTHE OFFICIAL LEQUIDATOR OF\n\nM\/S.SI-IREE SI-IYLA PRECISION SHAF'I?\u00ab.\u00a3,'r.Jfgt\n\n(P)LTD.A'i\"'i\"ACHE'D T0  COURT GE?' _ \nKARNATAKA\/ITH FLOOR ,D&-. F' wING,., \nKENDRIYA sADAN,K0RAMANGA1,A,\"' \" = \nBANGALORE 34. \" \u00ab .  -1'\n\nT1-IEQFFICIAL L.1r.',;r,,I1L=.A.Tc,u32 GE   =  \nM] s. SHREE S-I-IYLI'; 1-EQROLO_GICALG~ (P) ..L'1'[;>., \nP.'l\"i'A(JH.':31)'i'{) H1G.'~+.C'GuR'i'G;_~*    \nKARNA'I'AKA,4'1'H FLOOR ,:1&. F' w1.N_G, .\nKENDR'iYi\\ S.ADAN,Ki0i?AMAIx:.GALA,  \nBANGALORE 34}; ; V  \n\nTHE OF_FICIA;,...LIQ'1.JlE3ATO!\u00a7!\"(JvF'~--'\" \nM] s,:~:=HRE1: gsnym Au*r.GMATs::\u00ab (P) LTD.,\n TG  \nI<;AR;wATA.KA;4~f1f\u00a3e; '1"~.'.LG--01?,_',D_&. F WING,\n143:4 1*; R.i'x'.:"s is-"\ufb01.D;r'ai\u20ac,KGR1ii3Ii1\\NGALA,\n\n --G----VBAIV'V(}AL+\u00a3){RE"=34...  \n\nTHE VC}P'F'I\u00a731'A.'I4;"'QQIJIDATOR op\n\n MfS.SHREiE_ SI-IGYEJVRACHETS 35 TOE.-?O'I'S (P)L'I'D\n\nA'I,"m<_:_r+;':\u00ab;I_rf1'G,mG\ufb01 CQUKI' OF\nKArzNA*:*.AKA',"4TH FLOOR ,D& F' WING,\n\n P{ENDR_{YA S{':D.-":I'~a' ,KOR:"xI'v"1'1"si'V' G.r'iL1"\\,\n\n 2, BAD! GALo'1e'ti: 34.\n\n"=.,_1"HE,_G}j'FIc1AL LIQUIDATOR cm\n Kw s..;sHREE SHYLA REPETITIVE PARTS (P)L'I'D\n_ ATMGHED TO HIGH CCJURZ' OF\n KARNATAKA,4TH FLOOR ,D&. F WING,\n":.!<IENDRIY:'\\. S.*'.D."d\\.',\u00a31TIFi-- FLOOR ,,'D._&~..  WING,\nKENDRIYA SADAl\u00a5I','I{ORASVIANGALA;\nBANGALORE 3g}_._'  V   ..\n\nTHE :CJ1\u00a7'EfI.CIAIj--. I_.1:;; LiiD\u00a7AT\u00a7:v1i\u00e9 \"\u00a33-F':\nM;s,'sHR.EE sH_Y__LA.. JIGt1 & FIXUTURES\n{P} ;.'1'.;:_;'.',.A':'1'A.<;Ht\u00e9;':3  Hi\ufb01\ufb02 COUR1' ms\n\n__ %KARN_AT-.M$A,--1.Ti1__p'1;o-:23 ,,~D& F WING,\n\ni<Eh:~f3:'\u00a7iYii4SA:3AN,KoRAMANGALA,\n\n BANG"1.o.13E_34,__'~. % %\n\n1'-HE' r)Fi:*1cii39;L- IJQUIDATQR (:11?\n\nM\/"ELSHREE 1-BHYLA PRECISION COMPONENTS\n\nV (P) LTDA..._,ATTA\u20ac3HEIf) TO HIGH COURT OF\n\n ,mRNATA1\u00ab:A,~4'TH FLOOR ,D&. F WING,\n~. 3 ' .1<FM;R1Y;. sAmN,K0RArviANGALA,\n _ "'--v.,BANC,';AI".ORE 34.\n\nTEE {BFFICIAL LIQUIDATOR OF\n\n{M-,~' S.SHREE SI-IYLA BARELS 8:. ARBON S\nP} L'l'D.,A'l'l'A(.3HhZL) TL) \ufb02lfj\ufb02 CQUH!' QB'\n\n. KARNA'I'AKA,4TI-I FLOOR ,D&. F WING,\n\n14\n\nHEP-JDREYA E}?-.D;'-EN , KORAI'v'IAN GALA,\nBANGALORE 34.\n\nTHE OFFICIAL LIQUIDATOR OF\nM] S.Sl-IREE SI-IYLA GRAPHICS\n\nTEE\n\n\n\n(P) LTD.,A'I"T'ACI-IED TO HIGH COURT OF'\nKARNATAKA,4'I'H FLOOR ,D&:. F WING,\nKEN DRIYA SADAN , KORAMAN GALA,\nBANGALORE 34.\n\n OFFICIAL LIQUIDATOR OF' .  ~ p  "\nM] S.SHREE SI-IYLA SCRF;EN"PRINTERSV"' 4. V\n(P) LTD., ATTACHED TO HIGHAAQOURTAOF O' "\nKARNA'I'AKA,4TH FLOOR ,D&."F WIN(3,._ " . . \nKENDRIYA SADAN,KORAMAP1_G{ALA,    \nBANGALORE -34.   V    \n\ng.....L\nCH\n\n16 THE OFFICIAL LIQUiDATC--R"E'rF\nM \/ s. SHR EE e_H'\u00a5LA --STAMP;I_N(3S\n(P) L'l'D.,A'I"l'ACHb_3D '1*o,":'huoHeV.(3ou!x'1' OF\nKARNA'IV'AKA,4THV FLOQI2i ,I:;a's--.-,, 12*' wine,\nKENDRI'YA sA;.DAN,1s;oRAMANoeLA,\n\nBANQALQRE 34.   ,  .. assyomzsms.\n\n{By Sii }iRA?\ufb02 :1'-ID SHUK.'L5'\\A_ibr' (';'i.?io"1a1 Liquidator).\n____ H   V  ' _ ' *_A:__;;g_+_z%_*_*_*__*_*_*_*\n\n Thiiiy\ufb01ppeal  under Section 4 of the High Court Act,\nagainst. 'the  'dshtted 20.07.2007 passed in Company\nApplication No.'1?'3_\/'L300'? in Company Petition No.12-'22\/1980\nand connected 'mattexfs\ufb01f. '\n\n<'1'his Appeal coming on for Admissim thi"- day. D'""p\n\nv-iljfu\u00e9srzna. 4., dcliv\u00e9rtrd the following:\n\nQ Q Q Q M E N T\n  Sri.S.Vijay Sllankar, learned senior counsel for\n A. , _S1'i.S;(iPa11dit, learned counsel for the appellant and Sri.AravJ'.nd\n\nA'  "-Sliukla, Official Liquidator for the respondents. Record perused.<\/pre>\n
7._i’3S
\n. o- H I<\/p>\n
‘.2. This appeal under Section 4 of the High  read
\nwith Section 483 of the Companies Act, has  by
\nthe Karnataka State Financial Corporation”
\nto for short as “KSF’C”) against” the” order -; it
\npassed by the 1_ia_rned. <3omp..ny".t__.
\nNos.12 to 22} 1980 "id 25 it  Judge
\nafter having heard  .1e-arned"  for\ufb02the"parties and after<\/p>\n
perusal of the records, .__Order:<\/p>\n
_ 'Q.-."T11?% icomoirav inn——-~~"is directed to<\/p>\n
V   :a\ufb02\u00a7-rA'Vdedi1c'tir1gi Rs. 1 1,79,51,o5o-54<\/p>\n
 ….  _'Vand"1a{s.'34;.so,o0c;mitten is paid as Central
\n_ 1 Commission, remaining amount<\/p>\n
— to’  Liquidator with 12% interest<\/p>\n
it _y nom -18i.’:_”)S.\u00ab:2i)04  the date of payment.<\/p>\n
. this stage, learned counsel for the
\n‘4.yC1oIpoIatio11 requested six months time to
\n__  the payment. As the amount is earning
\n  “71’er”st,  months as prayed for is granted
\nit the s._id arnou1.t. It is also made<\/p>\n
clear as there is a dispute regarding actual
\namount due under the decree as stated
\nabove, the O\ufb02icial Liquidator and the Office of
\nthe Corporation shall sit together and jointly<\/p>\n
“\u00ae<\/p>\n
calculate and arrive at a tigure a11\u00a7d’—.pt11at<\/p>\n
would he the ‘basis for appropriatior3.~\u00a3”‘ =  .’<\/p>\n
approacheci the Civii Couxft. It:-the applieatioh fileti by the
\nappellant, the following was madezi <\/p>\n
*r1;i$\u00e9.’ _  <\/p>\n
Z<\/p>\n
O
\n:3
\n:2
\n<1:\n<\/p>\n
(“3
\n<2
\ni<\/p>\n
I.\n<\/p>\n
1.’.-‘
\n:7:<\/span>\n<\/p>\n
2.
\n:1:<\/span>
\n:3:<\/span>
\nm
\n\u00ab”9\n<\/p>\n
53..\n<\/p>\n
-1-<\/span><\/p>\n
\nO
\nD<\/p>\n
pe1*n1itt:i1;g_V:the  aell the movable
\n   as detailed in
\n    therein and appropriate
\n‘:1 the’ decretal amount and<\/p>\n
ii ‘ = ~ _cos’t, ‘etc.’ ‘  I<\/p>\n
4. ‘Tine said ~appiiCation of the appellant was aiioweci by the<\/p>\n
 CiouIt_.___..A’ppeHant herein \ufb01led an application seeking<\/p>\n
 p\u20ac131ii3Sii()t1′ to stand outside the winding up and bring the<\/p>\n
    Official Liquidator was directed to hand over<\/p>\n
iiposaesaion of the property to the appellant. He did so and<\/p>\n
A’ ‘ L–harttled over the possession to the appellant, which conducted<\/p>\n
the auction sale of the properties of the companies under<\/p>\n
1;.l’I’I’l’:lq r1’l’1’r\\r1  \\
\n11-\n<\/p>\n
”C..\/<\/p>\n
Company Judge on 20.0′ .’ O04}, ”<\/p>\n
 —-  ‘moved * and<\/p>\n
application with a prayer that    –:<\/p>\n
whole of the sale money asstheaainounf  be  ilthe
\nCompany is much mom u1’1ae”beein’Vdi1~ected to be paid
\nin the proceedings iii  _SectionHV31 of the State
\nFinancial Corpora\ufb01oi1s._Aet.    hand, the Official<\/p>\n
!.;qui..a.or rr.1ov}%:d an ‘ap1,.ica..Lon_ ;t.rit;:.—–a prayer tha. except whee.<\/p>\n
Court, die’  be directed to be paid” to
\nthe  VLiqnid_ator\u00aba11 the sixteen companies have already<\/p>\n
been directed tube ixionnd up.<\/p>\n
>  _ATfLif:zpJfayC1’0fti1B O\ufb01’1ciai Liquic’1ai:or has been aiiowed and<\/p>\n
 _   has been directed to transmit the remainder<\/p>\n
eiineu.i:t,\u00abi\u00a7i1iieii is being held by it unlawfully and illegally. If is<\/p>\n
 .. V\ufb02iis order of learned Company Judge, which is being challenged<\/p>\n
 13}’::KSFC. 795<\/p>\n
7. Initially after having heard the learned slcouiisel for
\nappellant, we had granted time to it to niatter as<\/p>\n
we are of the opinion that there is no meritiioi” substance _i11..1;11e<\/p>\n
appeal. We have been given to.’understand.; <\/p>\n
n ced be ore the Bomj of Di_rect.”._._i of  an1;=..1_;a..i1-t,V’?.3.ut no
\n…………1:_ ..\n<\/p>\n
.. ‘ 1-:… ………….1 ‘…”~1,1 1,…’ ,f’ _ ‘ -_
\nconaensua iii tines icgmu Czgtizu uc 1′:.i;~.’..lJ.\\r?5Ll. tg uluas<\/p>\n
heard the matter onvn;1e\ufb01ta.l””‘<\/p>\n
8. After having 11ea17d_ ‘t11ev..lea1’ned’ Vcatnisel for the pa__I’Li,:~:. and<\/p>\n
enterta’ 113:   ap’1′:ea_;’:.”i*’~’:Learned; Company Judge has assigned
\ncogent,  reasons for allowing the application
\n\ufb01led by the O\ufb02ici\u00a3d.iLiqnidato1′ to determine the amount due and<\/p>\n
payabletto ..appe]lant and the remainder to be paid to the<\/p>\n
 ‘l.iquidator;’ Learned Company Judge has also recorded a<\/p>\n
C   the appellant could not have retained more amount<\/p>\n
it ,__tha11_Wl’iati:;has been directed to be paid to it by the City Civil.<\/p>\n
Court. in toe proceedin”s initiated h” it under Section 31 of the<\/p>\n
“01  Act. According to us, the correct<\/p>\n
legal proposition has been propounded by learned Company
\n‘Trek ‘<\/p>\n
‘VJ<\/p>\n
Judge.\n<\/p>\n
E0<\/p>\n
the faisity of its claim before the iearned  to
\nwithhold the whole of the sale __pcQns4iderei\ufb01o11;
\ndeposit the remainder amount.  V’ of ‘:
\nCity Civil Court. This is indpicgitiveiiof   appeilaiit
\nknew that it had no case 0I1i.\u00a7Vi’i:I’IZii’7::I”i”ES3_’.tO”   amount over<\/p>\n
and above the order <\/p>\n
10. As diieei;ed._  Judge, we grant
\nfurther two  vto  appellant to comply with the<\/p>\n
direction   ‘t1Viei’1e;<=.*.-._<:-id Company Judge.<\/p>\n
1 1. 'No Case' fof Ziiiterfeienoe is made out. Appeal being devoid<\/p>\n
of _m,erits 'ibis iacooidnlgly dismissed with no order" as to<\/p>\n
'  . co\u00e9tsi,'-e V.\n<\/p>\n
i HAGV.<\/p>\n","protected":false},"excerpt":{"rendered":"
Karnataka High Court Karnataka State Financial … vs The Official Liquidator Of on 2 April, 2008 Author: Deepak Verma Byrareddy IN THE HIGH count? or KARNATAKA AT BANGALORE DATED Tl-I18 THE 2m DAY or APmL..2faio:8l\u00a7”VV;.%\u00ab H mm 110l!’BLE MR. Jusfri\u00e9m DEEPAE\u00a7 VE1\u00a7M–\u00a3Et = . ‘Karnataka Stats: Finmc~ia1j'{ic1~9s:ra\ufb01Gn, 1 ” ” No.1\/1,Thi;m’naiahRoag1,_j,= % ” BANGALORE ., […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,20],"tags":[],"class_list":["post-238013","post","type-post","status-publish","format-standard","hentry","category-high-court","category-karnataka-high-court"],"yoast_head":"\nKarnataka State Financial ... vs The Official Liquidator Of on 2 April, 2008 - Free Judgements of Supreme Court & High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/karnataka-state-financial-vs-the-official-liquidator-of-on-2-april-2008\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Karnataka State Financial ... vs The Official Liquidator Of on 2 April, 2008 - 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