1. - This application has been presented under section 466 of the Companies Act, 1956 (hereinafter referred to as "the Act of 1956") read with rules 147, 148, 159, 163 and 167 of the Companies (Court) Rules, 1959 (hereinafter referred to as "the Rules of 1959") by the applicant, Podar Finance P. Ltd., a company incorporated under the Act of 1956, having its registered office at Podar Center, 85, Parel Post Office Lane, Mumbai, seeking permanent stay of the liquidation proceedings of the company (in liquidation) ; directing the official liquidator to furnish to the applicant the details and photostat copies of the uninvited claims, if any, received by the official liquidator with regard to Jaipur Spinning and Weaving Mills Ltd. (hereinafter referred to as "the company (in liquidation")) ; further to invite claims under rule 147/148 of the Rules of 1959 and furnish to the applicant the details of the such claims ; to adjudicate the claims received pursuant to the notice issued by the official liquidator in accordance with rule 163 of the Rules of 1959 and provide opportunity of hearing to contest the claims; to file a list of creditors of the company in liquidation under rule 174 of the Rules of 1959 and till final decision of this application, stay the tender notice dated October 26, 2009, by an interim order or injunction from proceeding to sell the assets and/or properties of the company (in liquidation) including a parcel of land situated near the Railway Station, behind Shri Ram Mandir, Podarpuri (Power House Road), Bani Park, Jaipur measuring in an aggregate 56,629 square yards (equivalent to 47,349 square meters) presently leased out in favour of Podar Mills Ltd., under an indenture of lease dated December 30, 1964 read with the supplemental lease deed dated August 23, 1968 and a parcel of land situated at near Railway Station, behind Shri Ram Mandir, Podarpuri (Power House Road), Bani Park, Jaipur measuring in an aggregate 89,231 square yards (equivalent to 74,687.09 square meters).

2. The applicant has stated in the application that he presently holds 1,63,550 equity shares of the face value of Rs. 10 each constituting approximately 65 per cent. of the issued, subscribed and paid-up share capital of the company (in liquidation). The company (in liquidation), i.e., Jaipur Spinning and Weaving Mills Ltd., vide order dated December 2, 1983, passed in Company Petition No. 10 of 1980 filed by Swadeshi Polytex Ltd., was ordered to be wound up and the official liquidator was appointed by the court who took possession of the assets and affairs of the company (in liquidation) in the year 1983.

3. Podar Mills Ltd., filed Company Application No. 100 of 2002 for fixing the capitalised value of the said leased property directing the official liquidator to disclaim the said leased land under section 535 of the Act of 1956 on the said Podar Mills Ltd., depositing the capitalised value of the leased land fixed by the court and further direction to the official liquidator to transfer and assign the reversionary right and interest in respect of the said leased property in favour of Podar Mills Ltd.

4. The application was dismissed by the company court vide order dated May 26, 2006, observing that the Podar Mills Ltd., had no preferential right to purchase the said leased land and the property is required to be sold in auction in which Podar Mills Ltd., may also take part and the State Bank of India was directed to redetermine the market value of the said leased property.

5. The official liquidator took up the matter with the State Bank of India and placed before the court the valuation report received from the bank vide Company Application No. 33 of 2006. The court on Company Application No. 7 of 2007 filed by the official liquidator, directed the official liquidator, vide order dated February 23, 2007, to once again take the task of valuation and to conduct public auction in respect of the said leased property. The official liquida