TESTEELS LIMITED Vs. RADHABEN RANCHHODLAL CHARITABLE TRUST

JUDGEMENT

(1.) Both those O. J. Appeals arise from the order passed in Company Petition Nos. 43 of 1986 and 44 of 1986. Both the Company Petitions were filed by different Charitable Trusts against the same appellant herein for the purpose of winding up the appellant-Company due to its inability to pay the huge rents payable to the respondents. The learned Company Judge admitted the Company Petitions and passed the following order on 29/04/1987

(2.) As far as the present case is concerned no doubt the respondents in each of these O. J Appeals have compromised the matter with the appellant in each of these O. J. Appeals and the consent terms are kept on record. As fat as the appellant-Company is concerned the Board for Industrial and Financial Reconstruction in exercise of the powers conferred under sub-sec. (4) of Sec. 16 of the Sick Industrial Companies (Special Provisions) Act 1988 and all other powers enabling them in this behalf has appointed by order dated 11 until further orders one G. Mukherjee to be Special Director of Testeels Limited for safeguarding its financial and other interests. Section 16(4) of the said Act reads as follows:

(3.) Section 22(1) of the said Act reads as follows: