2003 (1) TMI 561

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....pondent. ORDER 1. The decision rendered in the company petition shall govern disposal of other two connected company petitions being Company Petition No. 17 of 2000 and Company Petition No. 15 of 2001, as all these company petitions are filed against one company and, secondly, it is for seeking winding-up of respondent company (hereinafter referred to as 'company'). 2. The petition is fil....

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....s a sick industrial company. It is also not in dispute that the reference case being case No. 37 of 2001 has been registered by the BIFR (Board for Industrial and Financial Reconstruction). It is also brought to my notice that on 5-4-2002, the BIFR had directed conducting of SIA (Special Investigating Audit) in relation to the accounts of the company to enable them to pass appropriate orders keepi....

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....ra, and the order dated 5-4-2002 passed by BIFR. 4. In a situation emerging from the record and which is taken note of, supra, this petition need not be entertained, nor is considered proper and necessary for being entertained for deciding whether the company in question is liable to be wound-up or not. There cannot be and/or should not be parallel proceedings in relation to or against one comp....

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....d cannot be put in jeopardy, because while holding an inquiry into the accounts of the company, a direction is already given to investigate the accounts of the petitioner, and like them, of several others. 5. In view of aforesaid discussion, I do not find any ground much less good and sufficient ground to entertain the company petition. It is accordingly, dismissed. However, while dismissing th....