M/S. Swasti Vinayak Synthetics Limited v. Official Liquidator, High Court Bomaby Of M/S. Iol Netcom Limited

ca 367 of 2014 (960).sxw

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.367 OF 2014 IN COMPANY SCHEME PETITION NO.439 OF 2010 M/s. Swasti Vinayak Synthetics Limited ...

Applicant and Reach Network India Pvt. Ltd. & Anr.

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Petitioners versus M/s. IOL Netcom Ltd. and Anr.

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Respondents Mr. Akhileshwar Sharma i/by Mr. A.K.Saraogi, for Applicant. Mr. Shubhkar Shah i/by M/s. Law Global Advocates,f or Respondent. Ms. Pratibha, Asstt. Official Liquidator, present. CORAM: S.J. KATHAWALLA, J.

DATE: 19th JANUARY, 2015 P.C.

1.

Heard the learned Advocate for the Applicant. The Assistant Official Liquidator as well as the learned Advocate for the Respondent have submitted that they have no objection if the Company Application is allowed. Perused the Company Application and the Affidavit in support thereto. For reasons set out therein, the Company Application is allowed in terms of prayer clause (a), which is reproduced hereunder :

"(a) that this Hon'ble Court be pleased to grant leave under Section 446 (1) of (Company Act 1956) to the Applicant to continue with the criminal proceeding being Case ssp 1/2

ca 367 of 2014 (960).sxw No.6392/SS/2010 and Case No.5083/SS/2011 pending before the Hon'ble Additional Chief Metropolitan Magistrate's 7th Court at Dadar, Mumbai, filed under the provision of Section 138 r/w 141 of N.I.Act on such terms as this Hon'ble Court may deem fit and proper".

2.

The Company Application is accordingly disposed of. ( S.J.KATHAWALLA, J. ) ssp 2/2