BHARAT STEEL TUBES LTD Vs. IFCI LTD

JUDGEMENT

(1.) By this order I propose to dispose of the captioned application filed under Order 39 Rule 1 and 2 of the Code of Civil Procedure, 1908 (in short "CPC").

(2.) In order to dispose of the captioned application the following facts require to be noticed :-

(3.) The plaintiff, is a company incorporated under the Companies Act, 1956 (hereinafter referred to as "Companies Act"). In 1990, the plaintiff became a sick industrial company within the meaning of Section 3(1)(o) of the Sick Industrial Companies Act, 1985 (hereinafter referred to as SICA). Resultantly, the plaintiff filed a reference under Section 15 of SICA before the Board of Industrial & Financial Reconstruction (hereinafter referred to as "BIFR"). The proceedings before the BIFR culminated, with a recommendation of the BIFR being sent to this court to wind up the plaintiff. This court accepted the recommendation vide order dated 4.08.2003 and consequently directed that the plaintiff be wound up. However, by a subsequent order dated 09.02.2005 the said winding up order was stayed. The promoters, thereafter filed a scheme under Section 391 of the Companies Act which, it appears, is pending consideration by the Company Judge of this court.