SHIVANAND GAURISHANKAR BASWANTI Vs. LAXMI VISHNU TEXTILE MILLS

JUDGEMENT

(1.) LEAVE granted.

(2.) THE present appeal is directed against summary dismissal of writ petition No. 5664 of 2006 on February 12, 2007 by the High Court of judicature at Bombay observing that it was not a fit case to entertain the petition in exercise of extraordinary jurisdiction under article 226 of the Constitution.

(3.) ACCORDING to the appellant, BIFR considered the facts and circumstances of the case in their entirety and on December 30, 1996 passed an order recording its satisfaction as required by sub-section (1) of Section 20 of the Act that it was not possible for the company to revive and it was just and equitable that Company should be wound up. The opinion was forwarded to the High Court of Judicature at Bombay with a request that banks and financial institutions may explore the possibility of sale of the assets of the company. It was proposed to entrust the work of sale of assets to State Bank of India (SBI), the lead bank in the case. The Operative Agency (OA), namely, IDBI was directed to hold a joint meeting of all participating banks and financial institutions and to furnish a detailed report on sale of assets of the company through SBI latest by February 28, 1997.