CAV JUDGMENT

Date : 21-02-2023

This company petition has been preferred by the Reserve Bank of India under Section 45-MC of the Reserve Bank of India Act, 1934 (hereinafter referred to as the ‘RBI Act of 1934) (Section 433 of the Companies Act, 1956) seeking to wind up the Helios Corporation Limited (hereinafter referred to as ‘the Company).

2. Vide order dated 19.05.2000, the petition was admitted and the Official Liquidator attached to this Court was appointed as Provisional Liquidator and interim order was passed prohibiting the company and its Directors from disposing of any of its assets.

3. The Company preferred Company Appeal No.5 of 2000 wherein the Division Bench of this Court on 13.02.2001 directed as under :-

“6. We, therefore, in the facts and circumstances of the case, remit the matter back to the learned Company Judge to hear the matter afresh in presence of the appellant and pass a fresh order for appointment of Provisional Liquidator and other necessary formality, if any. Both the parties have agreed that the case in question be placed before the learned Company Judge on 18.03.2001.

7. In the meantime, in the interest of justice and depositors, the interim order of the le