MAFATLAL INDUSTRIES LTD Vs. S A CHEMICALS

JUDGEMENT

(1.) Company Application No. 139 of 2000 is filed by Mafatlal Industries Ltd. praying for the dismissal and/or suspension of Company Petition No. 259 of 1999 in view of the provisions contained in Section 22 (1) of the Sick Industrial Companies (Special provisions) Act,1985 (SICA) and for termination and/or suspension of the order passed by this Court in Company Application No. 355 of 1999, as extended from time to time.

(2.) All the remaining three applications are filed by the same applicant, namely, Mafatlal Industries Limited for seeking an order from this Court that the respective Company Petitions, namely, Company Petition Nos. 263 of 2000, 43 of 2000 and 259 of 1999 filed by the different petitioning Creditors against the applicant Company have stood withdrawn and all the interim orders passed therein have stood vacated on and from 30.10.2002 being the date of sanction of the Scheme for rehabilitation of the applicant Company in Case No. 104 of 2000 by Board for Industrial and Financial Reconstruction (For short 'BIFR').

(3.) Company Petition No. 263 of 2000 is filed by the petitioning Creditor, namely, M/s. S.A. Chemicals under Section 433 and 434 of the Companies Act, 1956 for winding up of the Company on the ground that the Company has failed and neglected to pay its dues of Rs.18,08,495/- to the petitioning Creditor.