M M Styles Private Limited vs Rajkumar Mohansing Bajaj

Judgment text excerpt

6-IA-L-23350-2025 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INTERIM APPLICATION (L) NO. 23350 OF 2025 IN OFFICIAL LIQUIDATOR’S REPORT NO. 53 OF 2019 IN COMPANY PETITION NO. 525 OF 2015 AND OFFICIAL LIQUIDATOR’S REPORT NO. 53 OF 2019 IN COMPANY PETITION NO. 525 OF 2015 M.M. Styles Private Limited … Applicant In the matter between: Rajkumar Mohansing Bajaj …Petitioner Versus Milestone Interactive Pvt. Ltd. …Respondent _______ Mr. Mustafa Kachwala a/w. Ms. Sakshi Sri i/b. K. Law, for the Applicant. Mr. Shadab Khan, for Pharma Access Pvt. Ltd, Mr. Mohit Sahani i/b. King Stubb & Karia, for Standard Chartered Bank. Mr. Sushanth Murthy, for the ex-Directors of the Respondent Company i.e. Milestone Interactive Pvt. Ltd. Mr. Anirudh Hariani, for the Official Liquidator. Mr. Satyajit Roul, Official Liquidator, present. Mr. Anil Bhagure, Dy. Official Liquidator, present. _______ CORAM : ARIF S. DOCTOR, J. RESERVED ON : 30th APRIL 2026 PRONOUNCED ON : 4th MAY 2026 P.C. Page 1 of 29 Vaibhav 6-IA-L-23350-2025 1. Since the captioned Interim Application and the Official Liquidator’s Report (“OLR”) are intrinsically linked and the issues which arise for determination in both are really two sides of the same coin, by consent of the Learned Counsel, they were heard together and are being disposed of by this common order. For convenience, reference to the parties shall be as they appear in the Interim Application. The facts in brief: i. The captioned company petition (“the said petition”) was presented on 27th April 2015 under the provisions of Section 433 of the Companies Act, 1956 (“the Companies Act”), seeking the winding up of the Respondent, i.e., Milestone Interactive Pvt. Ltd. (“the company”). ii. It is not in dispute that the company owned a pro