LAKSHMIJI SUGAR MILLS COMPANY Vs. UNION OF INDIA

JUDGEMENT

(1.) The appellant is aggrieved by the finding returned by the learned Company Judge in its order dated 31.03.2006. The learned Company Judge while sanctioning the Scheme proposed by the appellants/propounders held that the Sugar Development Fund (SDF), a Government Company shall remain outside the Scheme. This order was challenged by filing an application (C.A. No. 504/2006) under Rules 9 and 6 of the Company (Court) Rules 1959 seeking modification of the order dated 31.03.2006; the submission that the SDF has been inadvertently kept out of the Scheme was negatived; the order dated 26.04.2006 had rejected this argument of the propounders.

(2.) Relevant would it be to state that this subsequent order dated 26.04.2006 is not the subject matter of challenge in this appeal; order dated 31.03.2006 has alone been challenged. The order dated 31.03.2006 had merged with the order dated 26.04.2006 and the said order not being the subject matter of this appeal, the appeal is liable to be rejected on this ground alone.

(3.) Record shows that the Company-M/s Lakshmiji Sugar Mills Company Ltd. was incorporated on 27.01.1936. The Company was registered as a sick company before the Board of Industrial Financial Reconstruction (BIFR); winding up of the Company was recommended. During the pendency of the winding up petition, the management/promoters of the Company promulgated a Scheme for its revival.