IN RE: SHREE SHIVA SPINNERS LTD. Vs. STATE

JUDGEMENT

(1.) THE applicants Sarva Shri Shankar Lal Bansal and Sita Ram Goyal, filed this application under Rule 9 of the Company (Court) Rules, 1959 for issue of directions to convene separate meetings of members, secured and unsecured creditors to consider revised scheme of compromise and arrangement of Shree Shiva Spinners Ltd. (company under liquidation), praying as under:

(2.) SHREE Shiva Spinners Ltd. was incorporated on July 2, 1984 as a public company limited. The registered office of the company is situated at 381, Naya Bazar, Ajmer.

(3.) THE main objects of the applicant transferor -company as set out in the object clause of its Memorandum of Association, have been detailed out in para No. 9 of the application. That with reference to financial position as on March 31, 1993 the company was declared as Sick Industrial Company and the matter was referred by the BIFR to the Rajasthan High Court for winding up of the company. The applicants Sarvashri Shankar Lal Bansal and Sita Ram Goyal, being promoters directors as well as the members of the Company have been interested to settle outstanding dues of RIICO Ltd. and RFC, but the matter could not be settled. Now Bharti Syntex Ltd. conveyed its approval to provide the requisite resources and at the meeting of its Board of Directors held on June 24,2008 resolved to become assignee of the debts owed by the Company to RIICO Ltd. RIICO Ltd. vide its letter dated April 23,2008 had agreed to gets its entire rights and privileges qua the company transferred in favour of Bharti Syntex Ltd. and after receipt of the amount from the said financiers issued no dues vide letter dated July 4, 2008. The RFC have also settled dues vide letter dated May 27,2008. The entire dues of RIICO and RFC having been assigned to Bharti Syntex Ltd. as on date having one secured creditors ie. Bharti Syntex Ltd. proposed to enter into agreement with the secured creditors, unsecured creditors and the members. The scheme of compromise and arrangements is enclosed as Annexure A -19 with the company application.