2006 (8) TMI 325

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....x months amounting to Rs. 31,03,400, considered doubtful Rs. 1,50,903, other debts Rs. 69,44,377 total Rs. 1,01,98,680 and advances recoverable in cash or in kind or for value to be received Rs. 29,89,917 and cash and bank balances : cash balance on hand Rs. 2,346 and bank balance Rs. 5,243 total Rs. 1,31,96,186. 2. It is averred that no statement of affairs has been filed and the respondents have not taken steps for recovery of the abovesaid amount and the respondents are guilty of misfeasance and are liable to pay the amount as sought for in the application. 3. Objections have been filed stating that the assets of the company were taken over by KSIIDC under the State Financial Corporations Act and the same was also brought to the notice....

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....x-directors for recovering the amount from the sundry debtors and in respect of loans and advances there is no other averment imputing misfeasance on the part of the respondents, it is elicited in the cross examination of PW-1, that he has not verified the account books as the same has not been submitted apart from the balance-sheet he has not verified any other material regarding misfeasance alleged against the respondents. 6. On the other hand, on behalf of the respondents RW-1 has been examined and R1 to R3 were got marked. Ex. R2 is the minutes of the meeting held in the office of the Official Liquidator dated 26-7-1999, which shows that in the said meeting which was held in the office of the Official Liquidator the ex-directors as man....