BANK OF MADURA LTD Vs. SIV INDUSTRIES LTD

JUDGEMENT

(1.) THE petitioner bank had lent monies to a sick company and had obtained guarantee from the respondent Company SIV Industries Ltd., which, inter alia, containing statements as under :

(2.) THE money was lent to Mico Farm Industries Ltd. which was at that time a sick company having been declared as such by the BIFR, and the management of which the guarantor company had taken over with the permission of the BIFR. Mico Farm Chemicals Ltd. was taken out with the purview of the BIFR in the year 1996, but the company was again declared sick in March, 1997.

(3.) PETITIONER, however, has chosen to precipitate matters and has come forward with this winding up petition.