MOREPEN LABORATORIES LTD. Vs. UNKNOWN

JUDGEMENT

(1.) A petition under Section 391(1) of the Companies Act, 1956 (hereinafter referred to as "the Act"), was filed by M/s. Morepen Laboratories Limited (hereinafter referred to as "the company"), having its registered office at Morepen Village, Nalagarh Road, Near Baddi, District Solan. After having examined the same and on being satisfied, on June 28, 2004, following order was passed :

(2.) IN Company Petition No. 5 of 2004, Company Application No. 25 of 2004 was also filed under Section 391(6) of the Act wherein interim order staying further proceedings of pending cases in different courts/Tribunals was passed. During the pendency of this company application, this interim order was modified, thereby vacating the order of stay in some cases, whereas in some other cases stay of further proceedings was ordered. This was at the instance of the company. The said order reads as under :

(3.) DURING the pendency of this company petition, some of the creditors who had filed above referred company petitions also filed applications in this Company Petition No. 5 of 2004 to the effect that arrangement as proposed with the creditors vide annexure P9 is neither bona fide nor is viable so as to subserve the purpose for which Section 391 of the Act has been enacted.