2008 (5) TMI 583

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.....S. Nankani, Advocate, for the Appellant. Shri K.J. Sanchis, JDR, for the Respondent. [Order per : B.S.V. Murthy, Member (T)]. -  The appellants have filed this modification application for modification of the order Nos. M/160-162/WZB/Ahd/2008, dt. 18-2-2008, which itself was an order rejecting the modification amplication filed for modifying the order Nos. S/1386-1391/WZB/ Ahd/2007,....

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.... statement that manufacturing activity stands suspended since 2-8-2004. 3. In the 18-2-2008 order, ld. Advocate for the appellants pointed out that the appellants' property at Ankleshwar has been taken over by IFCI Ltd. and a notice for auction has already been Issued. However, it was observed that there has been no change in circumstances and therefore the modification application was rej....

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.... able to recover anything more than what they can recover by disposal of the properties attached. 5. We find that this is a very peculiar situation. The appellant is a limited company and therefore liability of the Directors and the shareholders is limited to their shareholding and as rightly pointed out by the ld. Advocate, other than properties in the name of the company, it would not be....