2010 (8) TMI 179

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....Applicant. Vishwanath R. Hegde for the Respondent. ORDER 1. This application is filed by the Official Liquidator under section 543(1) of the Companies Act, 1956 for a direction to the respondents to pay a sum of Rs. 1,87,80,899.87 under different heads. 2. The Company in liquidation was floated in the year 1984 and commenced its operation from the year 1985. In the year 1997 the BIFR refe....

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....examined one witness as PW. 1 and got marked Ex.P1 and P2. Respondents examined three witnesses as RW.1 to 3 and got marked Ex.R1 to R8. 5. Heard arguments on both the side and perused the entire material on record. 6. The claim of the Official Liquidator is under the following heads: ( i) Trade Debtors Rs. 6,53,248 ( ii) Loans & Advances Rs. 16,54,372 ( iii) Miscella....

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....r statement of objections contend that they tried to recover this money from Ekadanta Industrial Estates Private Ltd. but they threatened the respondent with dire consequences and as such the same was not recovered. Respondents have failed to take necessary steps to recover this money from the said Ekadanta Industrial Estates. On account of latches and lapses on the part of the respondents this cl....

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....ellaneous expense'. Therefore, the respondents are not liable under this head. 10. The Official Liquidator claimed a sum of Rs. 1,62,20,409 under the head 'profit and loss account'. The Official Liquidator contends that this huge loss is on account of failure of the respondents in mismanaging the affairs of the company in liquidation. In support of this contention except the oral interested tes....