2002 (5) TMI 805

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... has come to the Court on a mercy plea as he seems to have been caught between the misfortunes of the company in liquidation and the secured creditors through no fault of his own. 3. Briefly stated the facts may be noticed : The applicant had given premises known as 278, Udyog Vihar, Phase II, Gurgaon, to the company M/s. Altos India Ltd. (hereinafter referred to as the company in liquidation) on rent. The rent agreement was entered on January 13, 1993, for a period of five years at Rs. 2.10 lakhs per month for the first three years and for the balance two years at Rs. 2.52 lakhs per month. The agreement expired on January 12, 1998. Subsequently, a supplementary agreement was also executed on January 20, 1993, by which the rent was in....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ite. This site has been taken on lease by the applicant from M/s. R.C. Gupta and Sons HUF by lease deed dated April 10, 2001. Rent of Rs. 25,000 per month was agreed to be paid for the godown which was taken on lease. Till January, 2002, the applicant had paid the rent at the rate of Rs. 25,000 per month. A sum of Rs. 1,45,000 had been paid on account of shifting charges, and a sum of Rs. 23,126 were paid to the expert arranged by the official liquidator to supervise the shifting of machinery. Rs. 72 were paid as bank commission charged for preparation of demand draft. Rs. 1,200 were paid for the rent of generator for shifting period. According to Mr. Chhibbar a sum of Rs. 4,69,398 is now due and payable by the company under liquidation. He....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ween the company in liquidation and the creditors. It is for the secured creditors to store and safeguard the property which has been hypothecated to them; or on which they have registered a charge. 5. The application is, therefore, allowed. 6. Respondents Nos. 2 and 3 are financial institutions and respondents Nos. 4 to 11 are nationalised banks. These respondents have to do all acts necessary for the protection and safe custody of the immovable and movable assets of the company in liquidation. This would ensure a fair distribution of the sale proceeds of the property of the company in liquidation amongst its creditors. 7. In view of the above, respondents Nos. 2 to 11 are directed to pay the rent of the godown through the officia....