The matter was heard before the Single Judge Bench of the Madras High Court today.
As directed by the Court in the previous hearing, Helios and Matheson Information Technology Ltd. have submitted an affidavit allegedly relating to their latest financial affairs. As soon as the same is made available, we will circulate it.
In the last hearing the Single Judge had clarified that since a stay had been obtained in the appeal before the Division Bench against the winding up order, the Single Judge could not enforce a winding up until the stay was lifted. However the Single Judge seemed upset that Helios and Matheson Information Technology Ltd. was not pursuing the appeal in an expeditious manner and delaying unnecessarily because it had obtained the stay. The Single Judge cautioned Helios and Matheson Information Technology Ltd. on its dilatory tactics and suggested that in the event the appeal was not moved along expeditiously the Single Judge would take up any of the winding up petitions freshly filed and pass another order of winding up.
Further the Single Judge suggested to Helios and Matheson Information Technology Ltd. to come up with a Scheme of Arrangement (consolidated settlement) for all unsecured creditors, whether depositors, holder of promissory notes, bill discounting receipts, lenders etc. The Single Judge suggested that this would be the best way forward in the event Helios and Matheson Information Technology Ltd. wished to avoid prosecution.
The current Single Judge seems to understand the notions of speedy justice but his hands are tied because of the stay order obtained by Helios and Matheson Information Technology Ltd. in the appeal before the two Judge Bench of the Madras High Court.
Next hearing will be on 10th November 2016.