MCB PRIVATE LIMITED Vs. SLM MANEKLAL LIMITED

JUDGEMENT

(1.) These Company Petitions are filed by various creditors of SLM Maneklal Industries Limited seeking order of winding up of the said company inter alia on the ground that the said company has failed to pay its dues to the creditors and that it has no longer remained economically viable unit.

(2.) On notices being issued by this Court in the said proceedings the Company has appeared through Advocate M/s. R. P. Bhatt/M. R. Bhatt & Co. and has filed its Affidavit-in-Reply almost in all petitions except in one or two showing cause as to why no order of winding up should be passed.

(3.) Today at the admissional hearing of the aforesaid petitions Mr. M. R. Bhatt learned Counsel appearing for the Company has submitted that the said company has made reference to the Board for Industrial and Financial Reconstruction (B.I.F.R.) u/S. 15 of the Sick Industrial Company (Special Provisions) Act 1985 The said reference has been registered by the B.I.F.R. as case No.4 of 1991. He submits that inquiry u/s. 16 of the said Act is pending before B.I.F.R. The Board has recorded the prima facie satisfaction that the company has become a sick industrial company in terms of the provision of Section 3(1) of the Act. He further submits that in view of the provision of Section 22 of the said Act these Company Petitions for winding up are required to be dismissed.