Rajendra Nath Mittal, J.

1. The petitioner filed this application under Sec.531a of the Companies Act, 1956 (hereinafter referred to as "the Act" ).

2. The case of the petitioner is that he is a creditor of M/s Haryana Rubber Industries (P.) Ltd. (hereinafter called " the company "), against which the petition (C. P. No.191 of 1980) for winding up was presented on August 21, 1980, on which date notice was issued to the company. It was ordered to be wound up on March 5, 1981. Mr. Gian Singh was its chairman who died in 1979. The company, after his death, stopped functioning in January, 1979. R. K. Grover, respondent No.2, in collusion with the State Bank of India, respondent No.3, sold a boiler known as Lancashire boiler of the company having a market price of more than five lakh rupees for a paltry amount of Rs.85,000 to M/s Sandeep Paper Mills Pvt. Ltd. , respondent No.1, on February 15, 1980. It is alleged that the transfer was not in the ordinary course of business of the company and that it was not bona fide and for valuable consideration.

3. It is further averred that respondent No.2 started two concerns by the name of M/s Param Rubber Industries, and M/s Param Rubber