2007 (5) TMI 656

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....48 of 2005) - -<br>Corporate Laws<br>Dr. Arijit Pasayat and L.S. Panta For the Appellant: Satya Mitra, Dhirendra Pandey and Sanjay R. Hegde, Advs For the Respondents: T.N. Singh, Rajeev Dubey, Kamlendra Mishra, Aarohi Bhalla, Sunil Kumar Singh and Sujata Kurdukar, Advs. JUDGMENT Arijit Pasayat, J. 1. Leave granted. 2. Challenge in this appeal is to the order passed by a Division ....

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.... Pradeshiya Industrial and Investment Corporation of U.P. (2004)6SCC758 . 3. Respondents on the other hand supported the action taken relying on a decision of this Court in Kailash Nath Agrawal v. Pradeshiya Industrial and Investment Corporation of U.P. [2003]1SCR1159 . It was also pointed out that the decision in Pawan Kumar&#39;s case (supra) is not applicable as the company had been wound up....

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....it petition. But the basic features are distinguishable. The present case is different from that of Pawan Kumar&#39;s case (supra) as principal debtors Company has already been wound up and official liquidator has been appointed. The company was declared as sick industry on 17.11.1994 by the Board for Industrial and Financial Reconstruction (in short the &#39;BIFR&#39;) where after the company has....

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....ny is under liquidation. 8. It appears to be a classic case where the efforts for recovery of the amounts have been frustrated on some pretext or other. In Orissa State Financial Corporation and Anr. v. Hotel Jogendra (1996)5SCC357 it was held that a recalcitrant defaulters&#39; case deserves to be dealt with sternly. 9. The right of State Financial Corporation (in short &#39;SFC&#39;) unila....