IFCI LTD Vs. VISHNU KANT GUPTA

JUDGEMENT

(1.) Leave granted.

(2.) The present appeal is directed against the order passed by the Division Bench of the High Court of Judicature at Allahabad on May 21, 2007 in Special Appeal No. 232 of 2007. By the said order, the Division Bench allowed the appeal filed by Vishnu Kant Gupta-first respondent herein and set aside the order passed by the Company Judge on Febru ary 12, 2007 in Miscellaneous Company Application No. 2 of 1993.

(3.) The facts giving rise to the present appeal are that Champaran Sugar Company Limited was in financial doldrums. Proceedings had been initiated under the Sick Industrial Companies (Special Provisions) Act, 1985 and Board of Industrial and Financial Reconstruction (BIFR, by its order dated June 28, 1993, held that there was no possibility of rehabilitation of the Company and the Company must be ordered to be wound up. Recommendation was made to that effect by BIFR and it was forwarded to the High Court of Allahabad. Pursuant to the said recommen dation, the High Court passed an order for winding up of the Company on Septem ber 5, 1994. An Official Liquidator was appointed under the Companies Act, 1956.