Asahi Fibres Ltd. v. B.I.F.R.
Case brief
What is this about?
The High Court heard a company application seeking to dismiss a winding up petition and set aside orders admitting the petition and appointing a provisional liquidator. The court found the basis for winding up had ceased to exist.
What did the court decide?
The Company Application is made absolute in terms of prayers (a), (b) and (c), conditioned on payment of Rs.25,000/- and Rs.5000/- to the Provisional Liquidator.
What the court decided
: 1 :
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
COMPANY APPLICATION NO.32 OF 2009
IN
COMPANY PETITION NO.757 OF 2004
IN
B.I.F.R. NO.232 OF 1999
M/s.Asahi Fibres Ltd. ....Applicant
V/s.
BIFR ....Respondents
Mr.Prateek Sakseria with Mr.Dhirendra Sinha and
Mr.Arpan Sarkar i/b Paras Kuhad & Associates for the
Applicant.
Mr.S. Ramakantha, Deputy Official Liquidator present.
CORAM : S.J. VAZIFDAR, J.
DATED : 21ST MARCH, 2009.
P.C. :
1. This is an application by the company to
dismiss the winding up Petition and to set-aside an
order dated 10.6.2004 admitting the Company Petition
and an order dated 15.10.2008 appointing a Provisional
Liquidator.
2. By a recommendation dated 11.11.2002, the
B.I.F.R. recommended that the company be wound up.
Issues for consideration
2 issues framed by the court
Whether the company application to dismiss the winding up petition and set-aside orders admitting the petition and appointing a provisional liquidator should be made absolute.
Whether the basis for winding up proceedings had ceased to exist due to the revocation of the BIFR recommendation and the declaration that the company is no longer sick.
Parties & counsel
- applicant
M/s.Asahi Fibres Ltd.
- respondent
BIFR
Coram
S.J. VAZIFDAR
Case details
As recorded by the court registry
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