The single judge dismissed an application seeking sanction for a compromise scheme under the Companies Act as not maintainable, accepting the applicant's concession that the proceedings could not be instituted.
Application dismissed as not maintainable. No order as to costs.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
Company Application Ld. no. 238 of 2008
ISPL Industries Ltd. ..Applicant
Mr.Sanjeev Punalekar i/b PRS Legal for applicant.
CORAM: S.C.DHARMADHIKARIJ.
27th June 2008
P.C
1. This petition is for sanction of the scheme under
sec.391 and 393 read with Section 394 of the Companies
act. The scheme proposed is of compromise/arrangement
between the applicant and its secured creditors.
2. It is undisputed that the applicant is a sick
industrial company. A reference was made to B.I.F.R. and
B.I.F.R. has declared the applicant as a sick industrial
company within the meaning of section 3(1)(o) of the Sick
Industrial Companies (Special Provisions) Act, 1985.
3. In the light of the clear provisions of law and the
judgment of the Hon’ble Supreme Court so also of the
Division Bench of this Court, Counsel for the applicant
concedes that the application is not maintainable. In the
light of this statement and decisions in the field the
application is not maintainable and is dismissed as such.
No order as to costs.
(S.C.DHARMADHIKARI J.)
1 issue framed by the court
Whether the company application for sanction of a compromise/arrangement scheme between the applicant and its secured creditors is maintainable.
2 provisions across 2 enactments
ISPL Industries Ltd.
S.C. DHARMADHIKARI
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court