2014 (9) TMI 1291

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....al products such as methanol, acetic acid, formic acid etc; and it is stated that the petitioner is also the authorised dealer of G.N.F.C. Ltd. The petitioner Company has its registered office at B/4, Vijay Tower, Opp. Aabad Dairy, Kankaria Road, Ahmedabad. 2. The case of the petitioner is that the petitioner Company and M/s. Skylead Chemicals Ltd. (hereinafter mentioned as "the Company") had business relations since long and the Company used to purchase the chemical products from the petitioner time to time. It was stated that at the commencement of Financial Year on 01.04.2009, in the account the Company maintained by the petitioner, the amount payable by it to the petitioner was Rs. 13,14,537/-. During the Financial Year 2009-2010, the ....

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....d the website of the postal department also showed that the document in question namely notice of the Court sent by registered post A.D. was delivered to the Company. Thus, the notice was duly served, however the Company did not opt to enter appearance, and did not choose to oppose the petition. 3.1 It may be mentioned that the affidavit of service of notice of this Court on the Company was filed by the petitioner on 09.03.2013. The petition came to be admitted on 03.09.2013 by order of this Court. The notice of admission of the petition was ordered to be published in one daily newspaper in Gujarati language and another daily newspaper in English language, viz. Divya Bhaskar and Indian Express in Ahmedabad and Rajkot Edition and in Akila n....

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.... to this Court, within a period of four weeks from the date of termination and/or conclusion of the proceedings before BIFR, that the proceedings are concluded." 3.4 It was submitted that the present case is similar. It was further stated that the petitioner had also instituted Summary Suit for recovery of the amount claimed in the present petition before the City Civil Court, Ahmedabad which came to be disposed of by the learned City Civil Judge on the ground that the proceedings were pending before B.I.F.R. under SICA. 4. Heard learned advocate Mr. Tarak Damani for the petitioner and learned advocate Mr. Manish J. Patel for the Company-M/s. Skylead Chemicals Limited. 5. During the hearing of this petition, learned advocate for the peti....

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....editors. All that was in vain and the Company could not show its financial soundness or revival possibility. Ultimately, on 20.02.2014, the Bench of B.I.F.R. directed that the show-cause-notice be issued to the Company for winding up and gist thereof to be published in the newspapers for the information of the shareholders, workers and creditors for their objections and suggestions. It appears that a proposal for revival was offered by one ARVEE Laboratories. In the subsequent hearing, the B.I.F.R. inter alia ordered the winding up notice to be kept in abeyance. 5.3 In the proceedings of 02.07.2014, the B.I.F.R. ordered that though the Company was offered One Time Settlement by G.S.F.C., it did not pay any amount towards that. Regarding th....