BOARD OPINION Vs. HATHISING MFG CO LTD

JUDGEMENT

(1.) THE Bench of the Board for Industrial and Financial Reconstruction made an order by recording its opinion on 08/03/1999 in Case No. 108 of 1987 in relation to Hathising Manufacturing Co. Ltd. , (the company) in the following terms:

(2.) THEREAFTER the petition was registered and ultimately on 15/01/2003 the Company Court passed an order of admission directing publication of advertisement, operation of which was stayed by the very same Court for a limited period. Thereafter the Company was granted opportunity time and again to settle the outstanding dues and it appears that the Company discharged its liability by arriving at One Time Settlement with some of the creditors like Industrial and Development Bank of India as well as State Bank of India. However, the company could not discharge its liability vis-a-vis other creditors. Even the Textile Labour Association which was supporting the company and opposing the winding up petition has ultimately vide affidavit dated 05/05/2009 categorically stated that there is no scope of revival as alleged by the company.

(3.) ON behalf of Industrial Investment Bank of India Ltd. , (I. I. B. I.) learned Advocate Shri Singhi invited attention to affidavit dated 07/10/2007 to submit that in compliance with subsequent orders made by the Court on 11/06/2007 and 26/09/2007 advertisements have been duly published. It is submitted that the total dues of IIBI as on 30/06/2000 is Rs. 614. 71 Lacs. Hence it was submitted that necessary order for winding up may be made.