2002 (2) TMI 1238

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ipt of an opinion of the BIFR under section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 recorded on 22-5-2001, to wind up the company. 2. Notices were directed to be issued on 21-1-2002 to the company and IDBI, to show cause as to why the company may not be wound up under section 20(1) of the Act, read with section 443 of the Companies Act, 1956 ('the Act'). On 18-2-20....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ying closed from October, 1997. By an order dated 22-6-2000, the Board recorded a finding that they have not received any response from the company/promoters, and, thus, a direction was issued to the operating agency to issue advertisement for change in the management of the company. No concrete proposal was received and, thus, the CLB formed a prima facie opinion that the company/promoters had fa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... its accumulated losses within a reasonable time, while meeting all its financial obligations, and that the company as a result thereof is not likely to become viable in future and, hence, it is just, equitable and in public interest that it should be wound up. The Court noticed the fact that in response of winding up notice, the company/promoters did not appear before the BIFR on 22-5-2001, and t....