The State Trading Corporation of India Ltd v. M/S Rajat Pharmachem Ltd & Ors.

1. On the last date of hearing, counsel for the plaintiff was directed to file the orders passed by the Company Judge attached to the Bombay High Court to give this Court an update of the status of the winding up proceedings against the defendant No.1/company and file relevant orders regarding the appointment of the provisional/official liquidator. Further, costs of Rs.5,000/- were imposed on the plaintiff for causing a delay in the suit proceedings and it was directed that the said costs be handed over to the counsel for the defendant No.3 within one week.

2. Costs have not been tendered till date. The only order filed by 2015:DHC:8575 the plaintiff/company is dated 06.02.2015, passed by the Company Judge attached to the Bombay High Court in Company Petition No.419/2013 entitled M/s Vidhya Pharchem Private Limited vs. Rajat Pharchem Limited. Pertinently, Rajat Pharchem Limited is impleaded as defendant No.1 in this suit. As per the order dated 08.02.2015, the respondent in the company petition (defendant No.1 in the present suit) had undertaken to pay a sum of Rs.6,50,00,000/- to M/s Vidhya Pharchem Private Limited in full and final settlement of its claim and the said undertaking was duly accepted. It was however clarified by the company Court that in the event, the respondent/company commits a default in paying the agreed instalments, the company petition will stand revived and allowed in terms of prayer clause (a) and (b) therein, which was for winding up of the respondent and for appointment of the official liquidator.

3. The Court is informed that the respondent in the company petition (defendant No.1 in the present suit) has defaulted in making the payments to M/s Vidhya Pharchem Private Limited and as a result, an official liquidator has been appointed by the Company Judge attached to the Bombay High Court.

4. Learned Senior Advocate appearing for the plaintiff states that subsequent to the passing of the order dated 06.02.2015, the plaintiff has filed an application under Section 446 of the Company Act, for seeking permission to proceed against the defendant No.1 in the present suit and the said application is likely to be listed in the near future.

5. In view of the aforesaid submission, it is deemed appropriate to dispose of the present suit with liberty granted to the plaintiff to file an application to seek revival thereof after appropriate orders are passed by the Company Judge attached to the Bombay High Court.

6. The costs imposed on the plaintiff shall be tendered to the defendant No.3 through counsel within two weeks from today.

7. The suit is disposed of alongwith the pending applications. HIMA KOHLI, J OCTOBER 12, 2015 rkb/ap