JAYANT NATH, J.

CA No. 442/2012

1. This application is filed under Sections 391 to 394 of the Companies Act, 1956 seeking sanction of the Scheme of Revival.

2. The winding up order was passed against the respondent Company on 18.05.1987. The Official Liquidator was appointed as Provisional Liquidator on 23.08.1984. Subsequently, it appears that there was an agreement/arrangement/understanding that was reached between Mr.Manish Arora, the Managing Director of UCC Care Pvt. Ltd. and the Ex. Management of the respondent Company, namely, Mr.R.N. Gupta and Ms.Veena Gupta to revive the respondent Company in 2005-06. UCC Builders Pvt. Ltd. (now known as UCC Care Pvt. Ltd.) bought the shares from the old shareholders.

3. UCC Care Pvt. Ltd. and M/s. Maharani Paints Pvt. Ltd. entered into an MOU/Share Purchase Agreement/Deed of Arrangement with Mr.R.N.Gupta and Mrs. Veena Gupta, family members, friends and relatives and purchased their shareholding after paying the agreed consideration. Several company applications were filed in this court seeking validation of transfer of equity shares. This court vide judgment dated 24.11.2011 validated the shares transferred by the applicants/petiti