2001 (12) TMI 809

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....he Board for Industrial and Financial Reconstruction under section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 ('the Act') vide its letter No. 34/99 BI dated 31-10-2000 received by this Court on 4-11-2000. 2. Vide order dated 10-8-2001, this Court issued notice to the company at its registered office 570K, Kidwai Nagar, Kanpur returnable in four weeks directing the mat....

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.... of the Court. 4. From the opinion of the Board, the Court find that after the registration of reference and declaring the company to be a Sick Industrial Company on 22-6-1999, the operating agency, i.e., Bank of Baroda (BoB) was appointed to examine the viability of the company and to formulate a rehabilitation scheme. The company did not submit its proposal within stipulated period and that i....

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....on-functional. The Board, therefore, found that there was no rehabilitation proposal with the means of finance fully tied-up for consideration of the Bench. In para 6 of the opinion, the Court came to the conclusion that the promoters were not serious in rehabilitating the company nor were they resourceful enough to mobilize the required funds for the said purpose and confirmed its opinion that th....

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....he company to file the statement of affairs in accordance with the provisions of the Companies Act, 1956. In the order of the Court dated 29-9-2000, it had appointed UPFC as operating agency to dispose of the assets of the company in accordance with section 20(4) to deposit entire sale proceed after deducting the expenses incurred by them for sale of the assets to be distributed in accordance with....