AMBO EXPORT LTD Vs. ISHAR AGRO LTD

JUDGEMENT

(1.) Appellant has filed this appeal against the impugned order dated 05.08.08 passed by the learned Company Court in Company Petition No. 19/02 whereby OLR No.25/08 has been accepted and interim application No. 4938/08(Annexure P/l to this appeal) filed by the appellant for grant of permission to intervene to participate in further negotiations and proceedings for the purposes of purchasing the property of respondent No. 1 herein (a Company in liquidation) has been dismissed.

(2.) Short resume of the facts necessary for resolving the controversy arises as follows:- A reference to this High Court was made vide letter dated 14.06.2000 by the Registrar of Board for Industrial and Final Reconstruction, New Delhi ( for brevity BIFR)to record opinion under section 20(1) of the Sick Industrial Companies (Special Provisions) Act,1985 with Respondent No.1 -M/s Ishar Agro Ltd. be wound-up and to take further action in accordance with the provisions of law.

(3.) Upon the said reference, Official Liquidator (for short the O.L)was appointed and he took possession of a,ssets of respondent No.1-Company. O.L. submitted O.L.R. No. 21/05 dated 31.03.05 for grant of permission to invite tenders for sale of land, building, plant and machinery etc. of Respondent No. 1- Company. The O.L. also prayed for formation of Assets Sales Committee of representatives of secured creditors and to obtain report of Government approved valuer. This prayer was accepted by the learned Company Court.