2002 (2) TMI 1235

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.... of BIFR under section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 ('the Act') recorded on 17-8-2001 to wind up the company. 2. Notices were ordered to be issued on 21-1-2002 to the company and IFCI to show cause as to why the company may not be wound up. The office has reported that the notices were sent on 28-1-2002 fixing 18-2-2002 but neither the acknowledgement du....

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.... Viability Study (TEVS) of the company and estimate of the market value of its assets as well as of the shares and to hold a joint meeting of all secured creditors. In the hearing dated 2-5-2001, the Board recorded that the advertisement for change of management has not been received. In response to that monitoring agency reported that no progress has been made towards rehabilitation and the promo....

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....o proposal and, thus, the Bench confirmed its prima facie opinion that the sick industrial company, viz., Ganges Fertilizers & Chemicals Ltd. was not likely to make its net worth exceed the accumulated losses within a reasonable time while meeting all its financial obligation and that the company as a result thereof was not likely to become viable in future and it was, therefore, just, equitable a....