BOARD OPINION Vs. NANIKRAM SOBHRAJ MILLS LTD.

JUDGEMENT

(1.) SINCE all these petitions and application are in relation to the same Company, namely, Nanikram Sobhraj Mills Limited and since the prayer in all these Company Petitions is for winding up of the respondent Company and the prayer in Company Application is for sanction of the revival scheme of the respondent Company, all these matters are being disposed of by this common judgment and order.

(2.) COMPANY Petition No. 2 of 1998 is registered on the strength of the opinion of the Board for Industrial and Financial Reconstruction (hereinafter referred to as BIFR for short) received by this Court from the Registrar of BIFR dated 31.12.1997 along with the opinion of the BIFR of even date. The order passed by the BIFR dated 31.12.1997 was carried further in Appeal by the Mills Company as well as by the President of Kamdar Ladat Samiti of the respondent Company being Appeal Nos. 28 of 1998 and 68 of 1998 respectively. Both these appeals were disposed of by the Appellate Authority for Industrial and Financial Reconstruction (hereinafter referred to as 'AAIFR' for short) on 21.07.1998 confirming the order passed by the BIFR.

(3.) IT is worthwhile to mention here that Kamdar Ladat Samiti has also filed S.C.A. No. 10307 of 1998 simultaneously before this Court making similar prayers as are made in Company Application No. 292 of 1998 and the said petition is recently decided by this Court (Coram : - D.A. Mehta, J.) on 17.06.2004 confirming the orders passed by BIFR and AAIFR.