Manmohan Singh Bhalla vs Assotech Limited on 11 July, 2018

1. This application is filed by Ex-Management of the respondent
company Assotech Ltd. under Section 391 of the Companies Act, 1956
(hereinafter referred to as ‘the Act’) seeking approval of a Scheme of
Compromise and Arrangement between the applicant and a class of its
creditors.
2. On 08.02.2016, this court had admitted the main petition, and the
OL attached to this court was appointed as the provisional liquidator.
Directions were issued to publish citations and for the OL to seal the
premises of the respondent and take into custody the assets and books
of accounts of the company etc.
3. This court while admitting the petition on 08.02.2016 noted that
an FIR being No.121/2015, under Sections 406, 420 and 120B IPC was
registered against the Managing Director of the respondent company
with the Economic Offences Wing (in short ‘EOW’), Delhi. The order
also notes that the proceedings under Section 482 Cr.P.C. were filed,
which were disposed of on 04.11.2015 wherein it was noted that a
settlement agreement had been reached whereby the Managing
Directors and other Directors had agreed to pay a sum of Rs.17.60
crores to the complainants within a period of one year. The schedule of
payments was not adhered to and the directors defaulted.

Source: Indian Kanoon

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