1998 (7) TMI 511

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....MENT Swatanter Kumar, J. - Company Petition No. 82 of 1998 has been filed by Bansal Trading Company with a prayer that Chhattar Industries Limited be ordered to be wound up as it is unable to pay its debt and even otherwise in the facts and circumstances of the case, it is equitable that the respondent-company should be wound up. In view of the circumstances stated hereinafter, it would not be ....

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....Limited should be wound up and as such it has forwarded its recommendation to this court. Under the provisions of section 20 of the Sick Industrial Companies (Special Provisions) Act, 1985, the recommendations of the Board for Industrial and Financial Reconstruction (hereinafter referred to as "the Board") are normally to be accepted by the court as it is a specialised body and a company would ....

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....endations of the Board which have been forwarded to this court and as contained in the final order dated February 13, 1998, were made in the presence of the representative of the respondent-company and they were heard in response to the notice of winding up by the Board. In any case they must and ought to be aware about the proceedings arising therefrom. In the aforestated circumstances, Compan....