IN RE Vs. HADA TEXTILE INDUSTRIES LTD

JUDGEMENT

(1.) Petitioner, under the Insolvency and Bankruptcy Code, 2016 (from now on referred to I 8s B Code, 2016) has filed this application with a prayer to extend the scheme period further for five years, so the sanctioned scheme can be implemented, and net worth of the corporate applicant will become positive and during such period further direct to the Additional Commissioner, Commercial Taxes, Govt, of West Benga, Kolkata not to initiate any recovery proceedings against the corporate application for the demands of the period from 2010-11 to 2014-15. In addition to this, the petitioner sought relief to settle the Suit No.7436/1983 in Bombay City Civil Court in regard to Mangaldas & Co. vs. Associated Pulp & Paper Mill Ltd. and Hada Textile Industries Ltd. A further prayer has been made granting stay/settle the Suit No. 1325/ 1980, 1337/ 1980, 1338/ 1980 and 322/ 1981 pending before the Hon'ble High Court, Bombay regarding Cotton Corp. of India vs Hada Textile Industries Ltd. & Anr. Petitioner has sought further relief to give direction to WBSEDCL previously known as WBSEB to supply power without any additional bank guarantee against the bank guarantee demand of Rs. 1,09,45,000/-.

(2.) The brief facts of the case, as stated in the application, are that the scheme was earlier sanctioned by Board for Industrial & Financial Reconstruction (in short, BIFR), vide order dated 16/1/2004 in Case No.336/2000. An approved scheme is annexed at pages 32 to 57 of the petition. In the said scheme cutoff date is given as 31/12/2002.

(3.) It is pertinent to mention that BIFR appointed IFCI as the monitoring agency to monitor the progress of implementation of the Sanctioned Scheme (SS-04).