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Company's Revival: Claims Settled, Directors Clear Expenses, Winding-up Order Recalled The State Bank of India's claim has been satisfied, allowing for the revival of the company. Dues towards the Housing Finance Corporation have been ...
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Company's Revival: Claims Settled, Directors Clear Expenses, Winding-up Order Recalled
The State Bank of India's claim has been satisfied, allowing for the revival of the company. Dues towards the Housing Finance Corporation have been settled, and the Ex-Directors have cleared expenses, enabling the company to resume operations. Settlement drafts have been provided for other claims, with instructions for possession handover and discharge of mortgage. The winding-up order is recalled, pending bills are to be notified, and assets are to be demarcated before restoration to the company, signifying the company's exit from liquidation.
Issues: Company revival, settlement of dues, possession of premises, encroachments, discharge of mortgage, winding up order recall, demarcation of assets.
Company Revival: The State Bank of India's claim has been satisfied, and the bank has no objection to the company being revived. The Housing Finance Corporation states that the company's dues towards the Corporation have been satisfied through a one-time settlement. The Ex-Directors have cleared the watch and ward expenses for the factory unit, and the company is now free to resume its business.
Settlement of Dues: Drafts have been provided to settle the claims of Gujrat State Financial Services Ltd. and the Employees Provident Fund Organisation, which have been determined by the Company Court and are final in their adjudication. The Official Liquidator is directed to remit the drafts to the respective entities.
Possession of Premises: The Official Liquidator is instructed to hand over vacant possession of the premises, including land, building, factory, and machinery, to the Ex-Director after removing any encroachments. The SSP, Rewari, is directed to assist in removing encroachments with a 7-day notice to unauthorized occupants.
Discharge of Mortgage: The title deeds deposited for a loan by equitable mortgage are to be returned to the petitioner company, and the mortgage will stand discharged. The Registrar of Companies is to make necessary corrections to reflect the revival of the company.
Winding Up Order Recall: The winding up order is recalled, and any pending sundry bills or expenses are to be notified to the petitioner company by the Official Liquidator, including the fees of the Chartered Accountant, if any.
Demarcation of Assets: The Official Liquidator is to initiate the demarcation process through revenue authorities in Rewari, and the Deputy Commissioner, Rewari, is directed to demarcate the immovable assets before they are restored to the company. The company will be treated as having come out of liquidation henceforth.
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