BESANT RAJ INTERNATIONAL LTD. Vs. VISHWABHARATHI TEXTILES LTD.

JUDGEMENT

(1.) THIS petition is filed under Sections 433(e), 434 and 439 of the Companies Act, 1956 (for brevity "the Act") for a direction to wind up the respondent -company.

(2.) THIS Court, by an order dated 16 -8 -2002, having satisfied of the prima facie Case had directed issue of notice to the Registrar of Companies, affixture of notice at the premises of the registered office of the respondent -company and also permitted advertisement in the English daily News Today and the Tamil daily Makkal Kural. However, by a subsequent order dated 26 -9 -2003, this Court, having found from the records of the Registrar, Board for Industrial and Financial Reconstruction ("BIFR"), New Delhi, that in respect of the respondent -company under liquidation a case was pending before the BIFR in Case No. 283 of 2002, closed the company petition in view of Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985, with liberty to file application as and when finality is arrived in the case before the BIFR.

(3.) ON an application filed by the respondent in C.A. Nos. 2253 and 2254 of 2008 in C.A. No. 1410 of 2008 in C.P. No. 115 of 2002, for the purpose of condoning the delay in filing an application and also to set aside the order dated 22 -7 -2008, this Court, by an order dated 19 -9 -2008, allowed the applications by setting aside the order dated 22 -7 -2008 and posted the company petition for arguments. Thereafter, the matter got adjourned on various occasions, including on one occasion for reporting settlement.