JUDGMENT :

C.L Soni, J.

This application is preferred with following prayers in para 26:-

(A) Your Lordships may be pleased to review/recall the oral order dated 25.8.2008 made by this Hon'ble Court in Company Application No. 414 of 2007 and be pleased to pass appropriate orders, in the interest of justice and equity;

(B) Your Lordships may be pleased to declare the Deed of Assignment dated 25.8.2007 as void in so far as it provides for transfer of shares of applicants to Respondent No. 2, in the interest of justice;

(C) Your Lordships may be pleased to declare the transfer of the shares of Applicants as void ab initio;

(D) Your Lordships may be pleased to direct the Respondent No. 2 and/or respondent No. 3 to re-transfer the shares in favour of Applicants with all rights attached thereto;

(E) Your Lordships may be pleased to direct the respondent no. 3 to give effect to the transfer of the shares that may be executed by Respondent No. 2 and/or respondent No. 3 in favour of Applicants as stated above;

(F) Your Lordships may be pleased to award the cost of this application;

(G) Your Lordships may be pleased to condone the delay of 1484 days;

(H) Your Lordships may be pleased to grant such other and further reliefs as may be thought fit in the circumstances;

Subsequently, as per the affidavit filed on behalf of applicant No. 1, the applicants sought permission to omit word "review" wherever mentioned in the application and also to delete prayer for condonation of delay.

2. The above-said request was accepted by the Court vide order dated 21.2.2013 after recording no objection of the learned advocate appearing for respondent No. 2 without prejudice to its right to raise contention as regards limitation.

3. Learned advocate Mr. A.L. Shah appearing with Mr. Pavan S. Godiawala and Ms. Sangeeta Pahwa for the applicants declared that they are restricting the application for prayer of recalling of the oral order dated 25.8.2008 passed by the Court in Company Application No. 414 of 2007 and are not pressing the remaining prayers.

4. It is the case of the applicants that they were equity shareholders of Prasad Mill Company Ltd. (company under liquidation) and they pledged their shares with the respondent No. 1-Industrial Development Bank of India (IDBI) to secure loan advanced by IDBI to the company. The company was ordered to be wound up by order dated 05.05.1989 passed in Company Petition No. 21 of 1984 and the Official Liquidator attached with the Court was appointed as Liquidator of the company. The IDBI filed Civil Suit No. 4958 of 1991 against the company and its sureties, which, thereafter, was transferred to Debt Recovery Tribunal, where it was registered as Transfer Application No. 482 of 1995, wherein the Presiding Officer of the Tribunal passed order dated 28.12.2006 for issuing recovery certificate to recover an amount of Rs.36,49,872/-. The recovery officer registered the Proceeding No. 418 of 2006 to recover the aforesaid amount. The IDBI could recover an amount of Rs.19 lacs from the sale proceeds of the assets of the company and thereafter, it executed the deed of assignment dated 25.8.2007 in favour of respondent No. 2 for consideration of Rs.15 lacs. It is further case of the applicants that the IDBI then moved an Application No. 414 of 2007 before learned Company Judge with following prayers:-

(A) That this Hon'ble Court may be pleased to ratify the action of the applicant in assigning all rights, title and interest and underlying securities of Prasad Mills Ltd. (in Liquidation) in favour of respondent No. 2-Riverfront Properties Pvt. Ltd.;

(B) That, in terms of section 536 of the Companies Act, 1956, while considering the assignment to respondent No. 2-Riverfront Properties Pvt. Ltd., this Hon'ble Court may be pleased to consider the transfer of all the rights, title, interest and benefits of the applicant bank in respect of its claim against the Company together with all its security interest therein including the pledge of 3669 f