Madras High Court
Mrs.Jayanthi Ramachandra vs The Official Liquidator on 19 February, 2021
O.S.A.No.52 of 2021
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 19.02.2021
CORAM :
THE HONOURABLE MR.JUSTICE N.KIRUBAKARAN
AND
THE HONOURABLE MR.JUSTICE P.D.AUDIKESAVALU
O.S.A.No.52 of 2021
and
C.M.P.No.1814 of 2021
Mrs.Jayanthi Ramachandra,
Ex-Chairman of M/s.VTX Industries Ltd.,
W/o.A.L.Ramachandra,
No.166-A, Tea Estate,
Race Course, Coimbatore – 641 018. ... Appellant
Vs
1.The Official Liquidator,
High Court, Madras
As the Liquidator of M/s.VTX Industries Limited,
(In Liquidation),
No.29, Corporate Bhavan,
2nd Floor, Rajaji Salai,
Chennai – 600 001.
2.The Authorized Officer,
JM Financial Asset Reconstruction Company Limited,
Register office 7th Floor,
Cnergy, Appasaheb Marathe Marg,
Prabhadhevi, Mumbai – 400 025.
1/6
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O.S.A.No.52 of 2021
3.UGO Bank,
1524, 1287, Trichy Road,
Coimbatore – 641 018.
4.United Bank of India,
Coimbatore Branch,
24/831-832, Oppanakara Street,
Coimbatore – 641 001.
5.Indian Overseas Bank,
Park Square Branch,
Uppilipalayam, Coimbatore – 641 018. ... Respondents
PRAYER : Original Side Appeal filed under Order XXXVI Rule 1 of Original
Side Rules read with XV of Letters Patent, praying to set aside the order of the
Learned Single Judge dated 18.09.2020 made in Company Application No.140 of
2020 in Company Application No.79 of 2020 in Company Petition No.151 of 2013
and allow the Original Side Appeal with cost.
For Appellant : Mr.E.Om Prakash, Senior Counsel for
M/s.Ramalingam and Associates.
JUDGMENT
(Judgment of the court was made by N.KIRUBAKARAN.J.,)
The matter was heard through "Video Conference".
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O.S.A.No.52 of 2021
2.This Appeal has been filed against the order of dismissal of the Company
Application in C.A. No. 140 of 2020 taken out by the Appellant for the stay of all
further proceedings of the sale notice dated 30.06.2020 issued by the Second
Respondent in respect of the properties.
3.Heard Mr.Om Prakash, Learned Senior Counsel appearing for the
Appellant and perused the materials available on record.
4.M/s.VTX Industries Limited is the Company under liquidation in main
Petition. The Company Court wound-up the Company by order dated 24.07.2015
and directed the official liquidator to take possession of the said Company.
Consequently, the official liquidator took possession of the Company on
07.08.2015.
5.There are many secured creditors who granted money facilities to the
Company and auctions are being taken by the said Companies. In that stage, two
Applications have been filed by the Appellant viz., C.A.No.79 of 2020, to cancel
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O.S.A.No.52 of 2021
the assignment deeds executed by the 3rd Respondent, 4th respondent and 5th
respondent dated 26.03.2014, 23.09.2015 and 30.03.2016 respectively in favour of
the 2nd Respondent therein for the schedule mentioned property therein and
C.A.No.140 of 2020, to stay all further proceedings of the sale notice dated
30.06.2020 issued by the Second Respondent in respect of the properties mentioned
in the schedule therein. Those two Applications have been dismissed by the
common order dated 18.09.2020 against which two Appeals were filed and one
such Appeal has come before this Court.
6.Against the earlier order passed in Company Application No.79 of 2020 to
cancel the assignment deeds executed by Third to Fifth Respondents in favour of
the Second Respondent, an Appeal had been filed and was numbered as
O.S.A.No.296 of 2020. The said Appeal was dismissed by the First Bench of this
Court on 03.02.2021 holding that the Appellant has got no locus standi to maintain
the Petition especially when there are secured creditors and other creditors
available to proceed against the Company which is under the control of the Official
Liquidator.
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O.S.A.No.52 of 2021
7.Since the common order passed in O.A.Nos.79 and 140 of 2020 has been
confirmed by the Hon'ble First Bench of this Court by dismissing the appeal filed in
O.S.A.No.296 of 2020, this Appeal also cannot be entertained and the same is
dismissed. No costs. Consequently, connected Miscellaneous Petition is closed.
[N.K.K.,J.] [P.D.A.,J.]
19.02.2021
ay/Maya
Index: Yes/No
Internet: Yes/No
To
The Sub Assistant Registrar,
Original Side Section,
High Court of Madras,
Chennai.
https://www.mhc.tn.gov.in/judis/
O.S.A.No.52 of 2021
N.KIRUBAKARAN, J.
AND
P.D.AUDIKESAVALU, J.
ay
O.S.A.No.52 of 2021
and
C.M.P.No.1814 of 2021
Dated:19.02.2021
https://www.mhc.tn.gov.in/judis/
