KONARK JUTE LTD Vs. XXXXXXXXXXX

JUDGEMENT

(1.) Mr. Nanda, learned senior advocate appears on behalf of Bhatia OSL Washeries and Minerals Ltd. (BOSLWML). He submits, his client was successful auction bidder and purchaser. He draws attention to order dtd. 29/4/2011 passed by the then Company Judge to demonstrate there was direction upon his client, on being found to be highest bidder, to deposit entire bid amount of Rs.34.00 crores before Industrial Development Corporation of Odisha Limited (IDCOL). He submits, the bid money was deposited in full. His client took control of the company sold, the Konark Jute Ltd., which was subsidiary company of IDCOL. His client is now before Court seeking confirmation of the sale.

(2.) Ms. Rath, learned advocate appears on behalf of IDCOL and submits, her client only assisted Court for revival of its subsidiary. The consideration received was distributed to meet claims against the subsidiary, by its workers, creditors etc. She prays for adjournment to rely on judgment(s) that even after there is recommendation for winding up made under sec. 20 in Sick Industrial Companies (Special Provisions) Act, 1985, the Court can embark on exercise to revive the company.

(3.) Mr. Biswal, learned advocate appears on behalf of applicant in Misc Case no.2 of 2021 and renews his prayer for disbursal of the dues from the sale proceeds.