2003 (7) TMI 495

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....e) of the Companies Act seeking winding up of the respondent company - a limited company engaged in the manufacturing activities. A winding up is sought essentially on the ground of inability to pay admitted debt amounting to Rs. 15,73,038. It is the case of petitioner that they being the company engaged in the business of leasing and hire purchase, gave loan from time to time to the respondent co....

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.... is no harm or any legal impediment if the petitioner who is a creditor is allowed indulgence to participate in the inquiry which is said to be going on before BIFR under section 15 of SICA in a pending reference case No. 128 of 1997 in the matter of respondent company. Even otherwise, the O.A. which is appointed by BIFR or may be appointed in the reference case would be examining the entire finan....

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....r the SICA, the company court exercising the jurisdiction under the Companies Act may not be able to allow the petitioner to participate in the inquiry. I do not agree to this submission. When the matter relates to winding up of a company which is also subject- matter of section 15 of SICA then this Court can always safeguard the interest of creditor and pass appropriate directions. As observed su....

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....being declared sick company and directing its rehabilitation or winding up, this occasion may not arise. In either case, this court expressly grant liberty to the petitioner to file/renew their petition under section 433 of the Companies Act on the same cause of action against the respondent company in the event of the reference being rejected. It is at that time, this court may examine the issue ....