JUHI INVESTMENT PVT LTD Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) BHARAT Steel Tubes Ltd., (hereinafter referred to as the company) Satinder Pal Singh and Juhi Investment Pvt.Ltd. have filed the present appeals impugning the order dated 8th August, 2012 passed by the learned Single Judge disposing of CA Nos.1159/2009 and 2470/2010 in company Petition No.55/2000 and, inter alia, holding that the Scheme proposed in 2005 was no longer viable and relevant and the order staying the winding up proceedings should be recalled. Citations have been directed to be published in the newspapers and the Official Liquidator was directed should take over the assets.

(2.) THE company was incorporated in the year 1967. It became a sick industrial company on 2nd September, 1990 in terms of Section 3(i)(o) of the Sick Industrial Companies (Special Provisions) Act, 1985. Matter was referred to Board for Industrial and Financial Reconstruction (BIFR). Industrial Finance Corporation of India (IFCI) was appointed as the operating agency.

(3.) BIFR finally vide order dated 23rd February, 2000 recommended winding up of the company. Appeal filed against the said order was dismissed by the AAIFR vide order dated 21st June, 2000. A writ petition was preferred by the company against the order passed by the AAIFR but was subsequently withdrawn. The order passed by the BIFR attained finality.