w w w . L a w y e r S e r v i c e s . i n



Kamal Uday Shankar Chaudhary & Others v/s Plethico Pharmaceuticals Ltd.


Company & Directors' Information:- PLETHICO PHARMACEUTICALS LTD. [Under Liquidation] CIN = L24232MP1991PLC006801

Company & Directors' Information:- B S P PHARMACEUTICALS LIMITED [Active] CIN = U24231GJ1987PLC009556

Company & Directors' Information:- G P T PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24233TG2009PTC064156

Company & Directors' Information:- A N PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24233DL2000PTC108617

Company & Directors' Information:- P AND B PHARMACEUTICALS LIMITED [Active] CIN = U24230MH1978PLC020846

Company & Directors' Information:- E L C PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24239DL1998PTC097310

Company & Directors' Information:- V C PHARMACEUTICALS (INDIA) PRIVATE LIMITED [Active] CIN = U24230KL2012PTC031429

Company & Directors' Information:- C I PHARMACEUTICALS PVT. LTD [Active] CIN = U24233WB1988PTC045057

Company & Directors' Information:- M J PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24230MH1996PTC101370

Company & Directors' Information:- R. J. PHARMACEUTICALS (INDIA) PRIVATE LIMITED [Under Liquidation] CIN = U24232RJ1994PTC008899

Company & Directors' Information:- R P L (INDIA) PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24239DL2002PTC115402

Company & Directors' Information:- L S K PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24231KA1990PTC011299

Company & Directors' Information:- P P PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24232WB2003PTC096731

Company & Directors' Information:- F C PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24239GJ2007PTC051567

Company & Directors' Information:- UDAY AND COMPANY INDIA PRIVATE LIMITED [Strike Off] CIN = U16008AS2002PTC006787

Company & Directors' Information:- G D S J PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24239DL2001PTC109888

Company & Directors' Information:- S S M PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24232RJ1982PTC002502

Company & Directors' Information:- S S PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24231UP1982PTC005587

Company & Directors' Information:- M A S PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U51397PB2004PTC027688

Company & Directors' Information:- A V PHARMACEUTICALS PRIVATE LIMITED [Amalgamated] CIN = U24232DL1999PTC098651

Company & Directors' Information:- P G PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U74899DL1990PTC039757

Company & Directors' Information:- E M PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24239MH1992PTC066216

Company & Directors' Information:- B D PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24233WB2009PTC132243

Company & Directors' Information:- A G D PHARMACEUTICALS PVT LTD [Strike Off] CIN = U24231KL1984PTC003885

Company & Directors' Information:- S T PHARMACEUTICALS PVT LTD [Strike Off] CIN = U51909WB1989PTC047031

Company & Directors' Information:- N V K PHARMACEUTICALS PRIVATE LIMITED [Under Process of Striking Off] CIN = U24296UP2016PTC082942

Company & Directors' Information:- G K D PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24231WB1999PTC089334

Company & Directors' Information:- C F PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24231TN1982PTC009598

Company & Directors' Information:- M D PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24232WB2008PTC121471

Company & Directors' Information:- I. S. PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24306KA2016PTC097524

Company & Directors' Information:- A M PHARMACEUTICALS (INDIA) PRIVATE LIMITED [Strike Off] CIN = U24233KL2010PTC026018

Company & Directors' Information:- B. C. PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U51900UP2018PTC109946

Company & Directors' Information:- M M PHARMACEUTICALS LIMITED [Strike Off] CIN = U24231TN1982PLC009714

Company & Directors' Information:- S AND S PHARMACEUTICALS INDIA PVT LTD [Strike Off] CIN = U24232CH1984PTC005799

Company & Directors' Information:- N C PHARMACEUTICALS PVT LTD [Strike Off] CIN = U24239HP1986PTC006997

Company & Directors' Information:- R G PHARMACEUTICALS CO PVT LTD [Strike Off] CIN = U24231HP1978PTC003877

Company & Directors' Information:- B M G PHARMACEUTICALS PVT LTD [Under Liquidation] CIN = U24232WB1974PTC029532

Company & Directors' Information:- M S PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24231UP1995PTC018120

Company & Directors' Information:- B G PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24231OR2002PTC006872

Company & Directors' Information:- D R P S PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24232UP2004PTC028820

Company & Directors' Information:- K N B PHARMACEUTICALS LIMITED [Strike Off] CIN = U24239CH1996PLC018286

Company & Directors' Information:- J S I PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24232UP1998PTC023778

Company & Directors' Information:- B I PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24231CH1997PTC019728

Company & Directors' Information:- J G PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24231DL1987PTC027452

Company & Directors' Information:- J N PHARMACEUTICALS LIMITED [Strike Off] CIN = U24230TG1996PLC023652

Company & Directors' Information:- J AND J PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24119OR1973PTC000584

Company & Directors' Information:- C W C PHARMACEUTICALS PVT. LTD. [Active] CIN = U24231HR1990PTC030903

Company & Directors' Information:- A J S PHARMACEUTICALS (INDIA) PRIVATE LIMITED [Strike Off] CIN = U24232KA1972PTC002273

Company & Directors' Information:- UDAY SHANKAR COMPANY LIMITED [Not available for efiling] CIN = U93090TN1949PLC000077

Company & Directors' Information:- A C PHARMACEUTICALS PVT LTD [Active] CIN = U51397WB1970PTC027869

Company & Directors' Information:- R K PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24232DL2006PTC154640

Company & Directors' Information:- A. PHARMACEUTICALS PVT LTD [Strike Off] CIN = U24232DL1999PTC100973

Company & Directors' Information:- N G PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24100MH2010PTC202028

Company & Directors' Information:- S V N PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24230MH2005PTC155731

Company & Directors' Information:- S. V. G. PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24297MH2010PTC202540

Company & Directors' Information:- K. D. PHARMACEUTICALS PRIVATE LIMITED [Under Process of Striking Off] CIN = U74999UP2016PTC084198

Company & Directors' Information:- Y. R. PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24232CH2011PTC032883

Company & Directors' Information:- A. B. PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U51909AS2012PTC011351

Company & Directors' Information:- N. S. PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U52311JH2007PTC012709

Company & Directors' Information:- J A PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24232DL2005PTC136777

Company & Directors' Information:- S P R PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24232DL2005PTC137405

Company & Directors' Information:- D F L PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U51101DL2014PTC270743

Company & Directors' Information:- A R K PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U74120DL2014PTC266920

Company & Directors' Information:- N N PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U33111BR2012PTC018665

Company & Directors' Information:- V AND B PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24290UP2020PTC133785

Company & Directors' Information:- M D PHARMACEUTICALS PRIVATE LIMITED [Active] CIN = U24290MH2021PTC360217

Company & Directors' Information:- U V PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U99999MH1998PTC117667

Company & Directors' Information:- J. V. PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24239MH2009PTC189669

Company & Directors' Information:- K R R PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24232TG2008PTC062007

Company & Directors' Information:- A P PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24233TG2008PTC062019

Company & Directors' Information:- C K PHARMACEUTICALS PRIVATE LIMITED [Strike Off] CIN = U24233UP2007PTC033596

Company & Directors' Information:- UDAY LIMITED [Not available for efiling] CIN = U99999MH1950PLC008096

    Company Petition Nos. 47, 76 to 145, 153 to 171 of 2017

    Decided On, 17 January 2018

    At, National Company Law Tribunal Ahmedabad

    By, THE HONOURABLE MR. BIKKI RAVEENDRA BABU
    By, JUDICIAL MEMBER & THE HONOURABLE MS. MANORAMA KUMARI
    By, JUDICIAL MEMBER

    For the Appearing Parties: ------------------



Judgment Text

Bikki Raveendra Babu, Member

1. The petitioners in this batch petitions have deposited their hard earned money with Plethico Pharmaceuticals Ltd. in fixed deposits prior to 01.04.2014. Petitioners came forward before this Tribunal with a request for direction to Plethico Pharmaceuticals Ltd. to refund their fixed deposit amounts with interest as agreed under Section 73 (4) of the Companies Act, 2013.

2. It is the contention of the petitioners in all these petitions that inspite of the maturity period is over, fixed deposit amounts have not been returned to them by the company. Further, it is the case of the petitioners that inspite of the orders of Hon'ble Company Law Board, Mumbai and the dismissal of petition filed by the company for extension of time by National Company Law Tribunal, Ahmedabad bench, the company did not choose to make any payments. Learned counsel appearing for the petitioners contended that inspite of service of notice, none choose to appear for the company. Petitioners brought to the notice of this Tribunal the following facts that are germane for disposal of this batch petitions:

3. Citibank N.A. London Branch, a US National banking corporation incorporated under the laws of the New York and acting through its London Branch having its principal office in London through its authorised signatory filed winding up petition vide Company Petition No. 35 of 2013 before Hon'ble High Court of Madhya Pradesh, Indore Bench against Plethico Pharmaceuticals Ltd. Hon'ble High Court of Madhya Pradesh, Indore Bench admitted the said winding up petition on 01.10.2014. Hon'ble High Court of Madhya Pradesh, Indore Bench in the said winding up petition and appointed provisional liquidator vide order dated 07.04.2015.

4. Plethico Pharmaceuticals Ltd. approached State Government of Madhya Pradesh seeking relief under section 3 of the Madhya Pradesh Sahayta Upkarm Adhiniyam 1978 and the State Government of Madhya Pradesh accordingly granted relief to the company vide notification dated 16.06.2015. Basing on the said notification, the company filed application IA No. 4759 of 2015 under section 3 of the aforesaid Act for staying the said winding up proceedings. Hon'ble High Court of Madhya Pradesh vide order dated 15.05.2015 stayed the winding up proceedings till 16.06.2016. While granting stay Hon'ble High Court of Madhya Pradesh observed that the order will not affect the order already passed on 07.04.2015. r

5. The company again approached State Government and sought further extension under the aforesaid Relief Act. State Government was pleased to grant relief vide notification 19.09.2016 for one year subject to certain terms and conditions mentioned in the notification dated 19.09.2016. Petitioner company instead of complying with the conditions challenged the notification before Hon'ble High Court of Madhya Pradesh at Jabalpur vide Writ Petition No. 21400 of 2016. In the said writ petition No. 21400 of 2016, Hon'ble High Court of Madhya Pradesh at Jabalpur vide order dated 06.01.2017 directed that no coercive action shall be taken against the company pursuant to the notification dated 19.09.2016. Said petition was listed before the Hon'ble High Court of Madhya Pradesh at Jabalpur on 08.11.2017 and the same was taken up for hearing on 27.11.2017.

6. Winding up petition No. 35 of 2013 is pending before Hon'ble High Court of Madhya Pradesh, Indore Bench.

7. The company as well as depositors approached Hon'ble Company Law Board, Mumbai Bench in the year 2014-15. Hon'ble Company Law Board, Mumbai vide order dated 11.09.2014 directed the Company to repay the amount to deposit holders but the company did not honour the order of Hon'ble Company Law Board, Mumbai Bench.

8. Plethico Pharmaceuticals Ltd. filed CP No. 4 of 2016 under Section 74 (2) of the Companies Act, 2013 seeking extension of time for repayment of deposit holders. Said petition was disposed by NCLT, Ahmedabad bench on 02.01.2017 dismissing the same. This Tribunal refused to extend time to the company to make payment to the deposit holders.

9. From the aforesaid material placed on record it is more than clear that the petitioners are entitled for their deposit amounts with interest as per the agreed rates.

10. Winding up petition No. 35 of 2013 is pending before Hon'ble High Court of Madhya Pradesh, Indore Bench wherein provisional liquidator has already been appointed. It appears from the material placed before this Tribunal that, at present there is no stay on the winding up proceedings.

11. Material on record also show that Writ Petition No. 21400 also is pending before Hon'ble High Court of Madhya Pradesh, Indore Bench wherein direction was given not to take any coercive steps against the company and it appears that the said order is in force and the writ petition is pending.

12. Winding up petition is filed under section 73 (4) of the Companies Act, 2013 for direction to the company for repayment to the deposit holders.

13. Section 446 of the Companies Act, 1956 says that no legal proceedings shall be commenced after winding up order has been made or Official Liquidator is appointed as provisional liquidator, except by leave of the Court. In the case on hand, winding up petition No. 35 of 2013 filed under the provisions of the Companies Act, 1956 is pending before the Hon'ble High Court of Madhya Pradesh by the date of filing of this petition under section 73 (4) of the Companies Act, 2013.

14. It is a fact that, petitioners did not obtain leave of court at the time of filing this petition or during the pendency of this proceedings. In view of the pendency of winding up petition No. 35 of 2013 and in view of Section 446 (1) of the Companies Act, 1956, proceedings filed by the deposit holders cannot be proceeded with at the instance of deposit holders against Plethico Pharmaceuticals Ltd.

15. Moreover, there is an order by the Hon'ble High Court of Madhya Pradesh in

Please Login To View The Full Judgment!

writ petition No. 21400 of 2016 that no coercive action shall be taken against Plethico Pharmaceuticals Ltd. 16. In fact, the petitioners are entitled for their deposit amount with unpaid interest at the agreed rates and the company has to make payment of such amount on par along with other creditors and other liabilities. 17. In view of the appointment of Liquidator in winding up petition No. 35 of 2013 and pendency writ petition No. 21400 of 2016, petitioners are at liberty to approach the Hon'ble High Court of Madhya Pradesh in the winding up petition No. 35 of 2013 for refund of their deposit amount. These petitions are disposed of accordingly.
O R