2002 (2) TMI 1240

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....n of Board for Industrial and Financial Reconstruction under section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 recorded on 26-9-2001 to wind up the company. The opinion was forwarded on 18-10-2001 and was received by the Court on 2-11-2001. 2. On 21-1-2002, the notices were ordered to be issued to the respondent-company and IFCI to show cause as to why the company ma....

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....ere reports of the promoters disposing of the assets and planning to leave the country. The Board had directed the operating agency to verify the status of the promoters and meanwhile the cost of security should be shared by all the secured creditors. On 28-6-2001, on account of the promoters having gone to USA and apparently not being interested in revival of the company as there being no respons....

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....of CBI submitted that they had no objection to the winding up of the company. The representative of the IDBI submitted that the Institutions had filed a joint suit in which a decree has been granted on 12-7-2001. The representative of ESIC submitted that their dues were Rs. 24.51 lakhs and they were pursuing legal action for recovery of the same. In the circumstances, the Board confirmed its earli....