PERFECT THREAD MILLS Vs. NONE

JUDGEMENT

(1.) HEARD learned Counsel for the petitioner.

(2.) THE petitioner -company has submitted this application under Rule 9 of the Companies (Court) Rules, 1959 read with Section 151 CPC for seeking further directions pursuant to the order passed toy this Court in S.B. Civil Petition No. 5/2000 decided on 14.10.2008.

(3.) VIDE order dated 28th Sept., 1999 the recommendations were sent to this Court by BIFR after rejection of appeal by AAIFR vide order dated 2.12.1999 for winding up' the petitioner -company for taking appropriate action for completion of winding up of the company. In view of the above recommendations, the S.B. Civil Petition No. 5/2C00 was registered before this Court. Several proposals for revival of company were submitted and ultimately, vide order dated 14.10.2008 this Court in S.B. Company Application No. 3/2004 in terms of the prayer made in 10th additional affidavit submitted by the petitioner -company for taking note of all the subsequent events and allowed modification in scheme and held that in changed circumstances, there is no justification for winding up of the company. The company was permitted to make payment of OTS of dues amount as per the sanctioned scheme by or before 31.10.2008. The petitioner -company submitted that the order of this Court dated 14.10.2008 has been complied with and as per the order of this Court and the amount has been paid to the various creditors. The payment made by the petitioner -company by 31.10.2008 is more than Rs. 2 crores. The petitioner submitted that this Court has already rejected the recommendations sent to the Court for winding up the petitioner -company, which is amply clear from the order passed by this Court in S.B. Civil Petition No. 5/2000.