SWADESHI MINING AND MANUFACTURING CO LTD Vs. STATE

JUDGEMENT

(1.) On a reference under Section 20(1) of the Sick Industrial Companies (Special provisions) Act, 1985 by the BIFR the winding up M/s Swadeshi Mining and Manufacturing Company Ltd. is pending consideration before this Court. The winding up order passed earlier by the Company Court on 29.9.99 had been set aside by Division Bench in Special Appeal vide judgment and order dated 28.1.08 and the matter has been remitted to the Company Judge again with the following observation:

(2.) In this context it is necessary to note that M/s Ganesh Sugar Mills, Pharenda, Anand Nagar, District Maharajganj is one of the units of the above company that has been taken administrative control by NTC (UP) Ltd. under the orders of the Supreme Court.

(3.) On 9.9.08 this Court after recording the entire facts and also the stand of the Ministry of Textiles to the effect that it will not restart the unit and is also not in a position to restart the same directed the NTC (UP) Ltd. to prepare a complete list of assets and liabilities of the Company; (ii) invite expression of interest for revival of the unit through joint venture from interested parties by making advertisement in leading news papers;(iii) permitted Bajaj Hindustan Ltd. and Shiv Shakti Chini Mill to bid for joint venture by satisfying the condition, which may be put by the NTC (UP) Ltd.; and (iv) thereafter directed the NTC (UP) Ltd. to consider the proposal and to submit the same for consideration of the Court. It was further kept open for the workers to approach the NTC (UP) Ltd. for the payment of their dues and the NTC (UP) Ltd. was directed to suggest the sale of some unutilized and surplus land for making ex gratis payment to the workers.