Case Law Details
The scope of the powers of the Company Court under Section 392 of the Act, as explained by the majority opinion of the Supreme Court in Reliance Natural Resources Ltd. (supra), does not permit rewriting of the scheme or introducing into it clauses that plainly do not exist. Consequently, this Court fails to appreciate how on the strength of either J.K. case or Reliance Natural Resources Ltd. (supra), RLB can persuade the Court, in exercise of its powers under Section 392 of the Act, to read into the Scheme of binding obligation on Turner to ensure the transfer of the distribution network to RLB by providing the decryption code of the STBs. The pleas of RLB in the present application go far beyond mere modification of the Scheme. The Court is satisfied that accepting the prayer of RLB to restore it the distribution network would be nothing short of ordering specific performance of an agreement that has already worked itself out and would be reading into the Scheme, clauses and obligations which did not exist when the Scheme was accorded sanction.
Alternative prayer for winding up declined
The alternative prayer that RLB should be directed to be wound up, since its entire substratum has disappeared, will require a detailed examination of several relevant factors, all of which are not before the Court. Nothing precludes RLB from seeking winding up in accordance with law in appropriate proceedings by placing the full facts before the Court which can then be responded to by the OL, the RD and other interested parties including creditors. Given the pleadings in the present application, it is not possible to undertake that exercise at this stage.
HIGH COURT OF DELHI
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