S. R. BRAHMBHATT, J. The applicant, a former Managing Director of and a contributory to M/s. Asian Transformers Export Pvt. Ltd (herein after referred to as "the Company” for brevity) a company under liquidation, has filed this application for recalling the winding up order dated 22/11/1976 passed by this Court in Company Petition No. 34 of 1976 for winding up of the company and appointing the Official Liquidator (the “O.L.”) as Liquidator of the company to take charge of all the properties and assets of the company.

2. The applicant has, in the affidavit filed in support of the Judge's Summons, stated that he was Managing Director of M/s. Asian Transformers Export Pvt. Ltd (the Company in liquidation) against which Company Petition No.34 of 1976 came to be filed by M/s. Suresh Steel Corporation, a partnership firm, under the provisions of Companies Act for winding up, alleging that the Company had failed and neglected in paying Rs.77,054.72 to the petitioner. The Court vide it's order dated 16.08.1976 (Coram : D. A. Desai J as he then was) admitted and ordered issuing of advertisement. On 22.11.1976 the court ordered winding up of the Company and appointed Official Liquidator as Liquidator of the Company for taking charge of the properties and assets of the Company. On issuance of Notification dated 23.11.1976 the Official Liquidator took charge of the assets of the Company.

3. The applicant has further stated in his affidavit in support of the Judge's summon that the Company was in business of electrical transformers. The Company is a private limited company consisting of four shareholders of his family and friend. The plant and machinery of the Company were situated at Plot adjoining Shed no. A2/14 G.I.D.C. Phase I, Vapi, Dist. Bulsar Gujarat. The Company had availed term loan and cash-credit facilities from State Bank of India. The Bank filed Special Civil Suit No. 68 of 1976 in the Court of Civil Judge (SD) at Navsari for recovery of Rs. 7750592.95. The Learned Judge in the Suit ordered appointment of receiver. Who had also taken the charge of the assets of the Company. After taking over the charge of the assets of the Company the O.L. attempted to sell the assets. He could so far, sold only 22 transformers lying in the godown of Jeens & Company at Bombay for a sum of Rs. 20.30 lacs plus deposit of Rs.50,000 from the purchaser. No other assets of the Company could be sold.

4. The applicant has further stated in his affidavit in support of the Judge's summon that the Company, apart from the State Bank of India, was not indebted to any secured or unsecured creditors except the following :

(a) Mr. Nirnjan B. Shah Rs. 22,804

(b) M./s. Asian Transformers

Prop : Mr. Niranjan Shah Rs.14,19,270

(c) Sundry Creditors Rs. 1360

Total Amount Rs.14,43,434

5. The applicant has further stated in his affidavit in support of the Judge's summon that the workmen of the Company have been paid their dues and no workman has filed any claim till date.

6. The applicant has further stated in his affidavit in support of the Judge's summon that State Bank of India has assigned its dues against the Company in favour of Asset Reconstruction Company (India) Ltd., a company incorporated under the Companies Act 1956 and under Section 3 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002. Asset Reconstruction Company (India) has assigned all its rights titles benefits and interests in respect of assets of the Company to Pegasus Assets Reconstruction Pvt. Ltd. A company incorporated under the Companies Act 1956 and registered as a Securitization and Asset Reconstruction Company pursuant to Section 3 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002. The Pegasus is respondent no. 4 in the present application.

7. The applicant has further stated in his affidavit in support of the Judge's summons that in view of the changed circumstances it is