2009 (9) TMI 586

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.... 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 its order dated 29-8-2005 (A-5). The lea....

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....sed. 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 Electricity Board has not yet fructified into any ....

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....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 an expert body like BIFR, yet in a case of t....