2007 (7) TMI 681

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....esent company application, the applicant has challenged and prayed to recall the order passed on 10-6-2004 by this Court in BIFR Case No. 12 of 1991 based upon the order passed by the BIFR dated 12-11-2003, opined that the Sick Industrial Company M/s. Dr. Writer's Food Products Pvt. Ltd, (for short "DWFPL) is not likely to make its net worth exceed its accumulated losses within a reasonab....

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....erned by Registered post A.D. in addition to usual mode of service by publication. Returnable after six weeks. 3. The said petition is pending in the High Court as Company Petition No. 760 of 2004. 4. The learned Counsel appearing for the applicant, therefore, by invoking the provisions of Companies Act, 1956 and basically the Company Court Rules 1959 (for short, "The Rules"), Rule Nos....

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....he company within 45 days of their order. Now an application dated 17-4-2006 along with the balance-sheet of the company as on 31-3-2006 has been submitted by the Company stating that the Directors have inducted equity of ₹ 234.50 lakh as on 07-3-2006 whereby new worth has increased to ₹ 628.64 lakh and accumulated losses are at ₹ 562.81 lakh as on 31-3-2006. Thus the company has....

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....nd even otherwise, in view of this substantial change of circumstances and factual position of the company net worth, I am inclined to accept the submission as raised by the learned Counsel appearing for the applicant. 6. The provisions of the Code of Civil Procedure (CPC) are applicable in the proceedings under the Companies Act 1956, vide Ramesh B. Desai v. Bipin Mehta AIR2006SC3672 , The inher....