2006 (1) TMI 261

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....R 1. This is a company petition filed by the petitioner as one of the creditor of the respondent-company under section 433(e) of the Companies Act against the respondent-company. The winding up of respondent-company is sought essentially on the ground of their inability to pay the petitioner's debt as contemplated under section 433(e) of the Act. 2. Admittedly, proceedings before the BIFR are pe....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ny and in the event if BIFR deciding the reference in favour of the respondent, the petitioner will be at liberty to seek protection of their dues with the assistance of BIFR for making the payment depending upon the scheme so made under the SICA, or if in the event of any recommendation made by the BIFR to this Court for winding up of this Company then the petitioner will be entitled to participa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....present case, it is clear that matter is pending before BIFR for more than 5 years with no end in site. No documents are filed to show any progress. This Court cannot proceed to wind up the company due to umbrella of section 22 operating in the field. No efforts are made for early disposal of reference by anyone. As a result, the stalemate continue. In these circumstances, it is the duty rather le....