SICOM Vs. CEYLON BISCUITS LTD & ORS

JUDGEMENT

(1.) SICOM Limited is aggrieved by the order dated 20.12.2010 passed by the learned Company Judge disposing of CA No.900/2008, CA No.1767/2010 and CA No.495/2010 filed by Ceylon Biscuits Ltd.; the erstwhile management of the company in liquidation i.e. Bakemans Industries Pvt. Ltd. and the Official Liquidator respectively.

(2.) The grievance is to the directions issued requiring financial institutions to refund ' 8.5 crores to Ceylon Biscuits Ltd. which has been simultaneously directed to reinstall line 5 and 6 and other equipments removed by it from the property which was sold in execution; being the property of Bakemans Industries Pvt. Ltd. The learned Company Judge has also held that Ceylon Biscuits Ltd. would be entitled to interest @5% per annum on the sum of ' 12.5 crores for the period specified in the order impugned i.e. from 15.9.2008 till the amount is refunded.

(3.) As observed by the learned Company Judge, in para 16 of the order impugned, the Company Judge had passed the order to implement directions issued in paras 77 to 81 of the decision reported as Bakemans Industries Pvt. Ltd. Vs. New Cawnpore Flour Mills & Ors., 2008 15 SCC 1