M/S Crb Capital Markets Ltd. vs Mr. Indra Kumar Surana
2010 Latest Caselaw 4344 Del

                IN THE HIGH COURT OF DELHI AT NEW DELHI

                             COMPANY JURISDICTION

                 COMPANY APPLICATION NO. 139/2008
                                IN
                 COMPANY APPLICATION(C) NO. 6/2010
     (Previously numbered as Company Application (M) No. 156/2002

                                              IN

                  COMPANY PETITION NO. 191 OF 1997

                                                          Reserved on: 11-08-2010
                                              Date of pronouncement : 15-09-2010

M/s CRB Capital Markets Ltd.
                                                                ...........Petitioner
                              Through :        Mr. Bhuvan Gugnani, Advocate

                                         Versus

Mr. Indra Kumar Surana
                                                            .........Respondent
                              Through : Mr. Rajiv Bahl & Ms. Manisha Tyagi,
                                         Advocates      for   the    Official
                                         Liquidator.
                                         Ms. Manisha Singh Nair & Ms.
                                         Swati Setia, Advocates for Reserve
                                         Bank of India.

CORAM :
    HON'BLE MR. JUSTICE SUDERSHAN KUMAR MISRA
1.      Whether Reporters of local papers may be allowed to see the
        judgment? No
2.      To be referred to the Reporter or not? No
3.      Whether the judgment should be reported in the Digest? No


SUDERSHAN KUMAR MISRA, J.

1. This is an application by the Official Liquidator under S.446

of the Companies Act, 1956 for the recovery of an amount of

` 1,00,000 with interest @ 18% per annum from 1st April 1997 till

realization, from the respondent Mr. Indra Kumar Surana.

2. Pursuant to a petition filed on 21st May, 1997, M/s CRB

Capital Markets Ltd. was directed to be provisionally wound up on 22nd

May, 1997. The Official Liquidator attached to this Court was appointed

as its provisional liquidator.

3. The company in provisional liquidation, i.e M/s CRB Capital

Markets Ltd., was in the business of finance, hire-purchase, leasing,

advancing loans and accepting deposits under various Schemes.

4. On an examination of the statement of affairs filed by the Ex-

Directors under S.454 of the Companies Act, 1956 as well as the

records available with his office, the Official Liquidator discovered that

an amount of ` 1,00,000 is due to the company in provisional

liquidation from the respondent on account of a staff loan/advance.

The respondent is stated to have been an employee of the company in

provisional liquidation. The Official Liquidator has, therefore, moved

this application praying for an order of recovery of the said amount,

along with interest @18% per annum till its realization in favour of the

applicant, against the respondent.

5. The respondent has been duly served. On 11th May, 2004,

the respondent was also ordered to be proceeded ex parte.

Nevertheless, fresh notice was directed to issue to the respondent on

18th February, 2008, returnable on 30th April, 2008, which was also

served. An affidavit of service in this regard was filed by the applicant

on 27th March, 2009. There has been no appearance on behalf of the

respondent throughout these proceedings.

6. An affidavit of Shri Dinesh Chand, Deputy Official

Liquidator, was filed on 5th July, 2004 by way of evidence in support of

the application. Ex.P-1 is a copy of the ledger maintained by the

company in provisional liquidation, pertaining to the running account

in respect of the respondent, that indicates that a sum of ` 1,00,000 is

due and payable by the respondent, as on 31st March, 1997. Ex.P-2

(Colly) are copies of the demand notice dated 24th March, 1999 which

was sent by the applicant to the respondent for recovery of the

aforesaid amount; of the final demand notice dated 3 rd November,

1999 sent by the applicant to the respondent; and of a communication

dated 5th October, 2001 reminding the respondent of his liability to pay

the aforesaid amount, and also referring to the earlier two

communications. Ex.P-3 (Colly) are the AD receipts for the

abovementioned communications, evidencing that they were duly

served on the respondent. The original documents have also been

placed on record by the applicant.

7. There is no defence to the claim. The amount claimed

stands proved.

8. Consequently, the respondent is directed to pay an amount

of ` 1,00,000 to the applicant, along with interest @ 6% per annum

from the date of this application till the date of realization of the

amount in favour of the applicant.

9. The application is disposed of in the above terms.

SUDERSHAN KUMAR MISRA, J.

SEPTEMBER 15, 2010.