TaxTMI 
TaxTMI 
2006 (1) TMI 265
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....ound up by this Court on 22-8-2005. The respondent-company filed an application to recall the winding up order on the ground that it has settled the entire dues to be paid to the secured creditors namely State Bank of India and PICUP from the financial resources generated by the ex-directors, who have filed their affidavit stating that they will not claim this amount from the company. Sri Srivastava further submits that the respondent-company has no further liabilities towards any other secured or unsecured creditors and thus the winding up order deserves to be recalled. 3. In the Official Liquidator's report No. 14 of 2006, filed through Shri Raj Nath N. Shukla, advocate it is stated that in pursuance of the orders passed by this Court wi....
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....of State Bank of India and PICUP vide order dated 22-11-2001, the recommendation of the Board for Industrial and Financial Reconstruction was accepted and the company was finally wound up on 22-8-2005. 6. In the recall application it is stated that the entire dues of State Bank of India were settled as per the OTS settlement dated 25-2-2003. The bank issued certificate dated 29-3-2003, certifying that Shree Dhruve Flour and Food Products Ltd., had liquidated entire outstanding and interest as per the OTS settlement dated 25-2-2003. The PICUP has also certified that the entire dues towards PICUP have been settled and that legal division may release the security document of the title deeds. It has acknowledged settlement of Rs. 67,10,000 tow....
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....onent, and also from the rental income of M/s. Meenakshi Synthetics Pvt. Ltd. At the cost of repetition it is further stated that deponent had been the director of Shree Dhruve Flour and Food Products Ltd., and its guarantor also and is a director of M/s. Meenakshi Synthetics Pvt. Ltd., and he liquidated fully and finally the dues of aforementioned two creditors without creating any liability on M/s. Shree Dhruve Flour and Food Products Ltd." 8. With these developments, the matter requires a fresh look by the Board for Industrial and Financial Reconstruction. In Rishabh Agro Industries Ltd. v. P.N.B. Capital Services Ltd. [2000] 101 Comp. Cas. 284 1 the Supreme Court held that the ex-directors continue to retain powers for rehabilitation e....