IN RE: SHIKHAR POLYTEX LIMITED Vs. STATE

JUDGEMENT

(1.) HEARD learned counsel for the parties.

(2.) THIS petition for winding up of the company -M/s. Shikhar Polytex Limited ('the company') has been registered pursuant to reference made by the Board for Industrial & Financial Reconstruction (BIFR), New Delhi.

(3.) ON 12.2.98, the counsel appearing for RIICO while informing the court that the unit of the company has already been taken over by RIICO, sought permission to recover its amount against the company. The court directed that RIICO may take steps to realise its due by enforcing the securities but this will be done in consultation with the Official Liquidator. Keeping in view, the steps which were to be taken by the RIICO for realisation of its security, the Official Liquidator was directed not to issue advertisement and not to take further steps in the winding up proceedings until further orders from this court.