RAJIV SAHAI ENDLAW, J. :

1. Both appeals impugn the judgment dated 26th April, 2012 of the learned Company Judge in Company Applications No. 1947/2011 and 1948/2011 in Company Petition No. 359/2009 for winding up of M/s Megnostar Telecommunications Pvt. Ltd. (hereinafter referred to as the Company in Liquidation). Company Appeal No. 58/2012 was admitted for hearing and vide order dated 29.05.2012 which continues to be in force, the operation of the impugned order stayed. Subsequently, notice was issued in Company Appeal No. 62/2012 also. The counsel for the appellants in the two appeals and the counsels for the official liquidator have been heard.

2. The company in liquidation was the owner of Plot No. 1297, admeasuring 502.33 sq. yards situated at Sector MIE, Bahadurgah, Haryana together with the super structure thereon; the same was mortgaged in the year 2006 to the appellant M/s Kotak Mahindra Bank Ltd (hereinafter called the bank) to secure the financial assistance granted by the bank to the company in liquidation.

3. The bank, on 18.12.2008 issued notice under Section 13 (2) of The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest