2006 (1) TMI 267

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.... 1. This is a company petition filed by the petitioner a Nationalise Bank 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 huge money debt as contemplated under section 433(e) of the Act. 2. Admittedly, proc....

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.... on the same cause of action in appropriate executing court against the company 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....

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....ver their dues due to umbrella of section 22 ibid operating against them. In the present case, it is clear that matter is pending before BIFR for more than 3 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....