1. Heard Sri Shubham Agarwal appearing for Official Liquidator has filed O.L. Report No.(Judicial) 2011 of 2014, dated 23rd July, 2014. In this report it is stated that pursuant to the order dated 9th July, 2014 granting time to Mrs. Kirtika Singh (learned counsel for Company in Liquidation) for inspection of plant and machinery on 14/15.7.2014 and pursuant to this order the official liquidator also intimated the date of inspection to the company in liquidation as well as Mrs. Kirtika Singh. On the said dates, the officials were also deputed by the official liquidator who are present on the site for the purposes of providing inspection to the officials of the company in liquidation, but no one turned up for inspection. Mr. Kirtika Singh does not dispute this position. However, she has filed an objection to the O.L. Report No. (Judicial) 114/2014, supported by an affidavit of Sri Sirnivas Rao Sarvepalli, Chairman-Cum-Managing Director of the company in liquidation. This affidavit is merely repetition of various events. No documents have been filed to demonstrate that the Government of India is considering the revival of the company in liquidation. The aforesaid Chairman-Cum-Managing Director of the company in liquidation has stated in paragraph no. 24 and 25 of the affidavit sworn on personal knowledge, as under :
"24. That it would be just, fair, reasonable, equitable and in the interest of justice that the winding up order may be reconsidered / reviewed/ stayed or set aside to enable the company to avoid liquidator as the assets of company are much more than the dues of IFCI. Therefore, looking into the huge assets of the company, the decision has been taken that the Ministry of Textile will revive the company in the interest of public and take up for operation one or more objects as mentioned in the M&AOA, as appropriate. In implementing the proposed objective it would conduct a new viability study and prepare a plan of operation. This would then be taken up with BIFR and Cabinet for the administrative approval and expenditure sanction. This process is expected to take 24 months. Action will start as soon as the Hon'ble Court is pleased to agree to recall the order as winding up and the company is ordered as out of liquidator.
In the premises, keeping in view the aforesaid factual position it is respectfully submitted that the Hon'ble Court may graciously be pleased to accept the present affidavit and the same may be treated as part of the company petition.
25. That in this regard the Ministry of Textile Government of India, through its Secretary has filed an affidavit dated ......that the revival matter of the company has been sent before the Cabinet and as such it is pending before the Cabinet to decide and take a final decision regarding the rehabilitation / revival of the Company. Therefore in this circumstance it would be expending in the interest of justice that the company be directed to hold its properties and factories as it was holding from last 17 years, which includes various records, plant and machinery etc., it also undertakes that it will not alienate encumber the assets of the company in any manner as such it is expedient in the interest of justice that the Official Liquidator may be directed to withdraw its possession and permit the M/s Cawnpore Textile Company to hold and look after the company its factory exclusively as it was in the past and considering the revival of the company which is pending."
2. However, no documents have been filed by the said deponent in support of his averments given in paragraph no. 24 that Ministry of Textile has taken decision to revive the company in liquidation.
3. Let the Chairman-Cum-Managing Director of the company in liquidation file an affidavit enclosing the alleged decision of the Ministry of Textile, Government of India to revive the company in liquidation.
4. Let Secretary, Ministry of Textile may also file an affidavit clarifying the position as to whether any decision has been taken by the Ministry of Textile for revival of the company in liquidation and whether the matter of revival of the company in liquidation is pending before the Cabinet.
5. List on 13th August, 2014. In the mean time, the Chairman-Cum-Managing Director of the company in liquidation as well as the Secretary, Ministry of Textile, Government of India may file their affidavits in the matter as indicated above.
6. The objection filed today by Mrs. Kirtika Singh shall be considered again on the next date fixed. The O.L. Report No. (Judicial) 211/2014 is disposed of.
7. The Registrar General of the Court is directed to communicate and supply this order to the to the Secretary, Ministry of Textile, Government of India within three days from today.
Order Date :- 23.7.2014/Mukesh (Surya Prakash Kesarwani,J. )