KANORIA INDUSTRIES LTD Vs. STATE OF KARNATAKA

JUDGEMENT

(1.) PETITIONER is a manufacturer of cement. Petitioner industry had fallen sick. Petitioner had approached the Board for Industrial and Financial Re-construction by making a reference to the Board under Section 15 of the Act. The Board on consideration of the same was of the view that the petitioner-company should be declared as a sick unit within the meaning of Section 3 (0)of the Act r/w Section 18 for the purpose of a scheme being prepared for the rehabilitation of the company.

(2.) THE Board so declared the company as a sick unit on 2-6-2000 and thereafter, proceedings are pending before the Board within the provisions of the Act from this day.

(3.) IT is the assertion of the petitioner that the cutoff date for the purpose of granting moratorium, which had been fixed to be as 31-12-2000 has been shifted by the Board after hearing all the concerned and as of now it is 31-3-2003.