2009 (9) TMI 586

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....it Rawal for the Appellant. JUDGMENT M.M. Kumar, J. - This appeal filed under section 483 of the Companies Act, 1956, is directed against order dated 17-4-2009, passed by the learned Company Judge, dismissing the petition for winding up, which was registered in this Court on the recommendation made by the Board for Industrial and Financial Reconstruction (for brevity, 'BIFR') in pursuance of....

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....nd the money has, accordingly, been released. The only remaining claimant against the appellant-company is the Punjab State Electricity Board, which has claimed a sum of Rs. 1,00,59,340 and a suit in that regard is pending. Learned Company Judge has taken the view that the claim of the only secured creditor-State Bank of India has been satisfied and the amount payable to the Punjab State Electrici....

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....pany, are not binding on the Company Court and it is free to apply its mind to the facts and circumstances and then take a view. For the aforesaid proposition reliance can be placed on a judgment of Hon'ble the Supreme Court rendered in the case of V.R. Ramaraju v. Union of India [1997] 89 Comp. Cas. 609. It is true that the Company Court should take into consideration the recommendation made by a....