After an appeal by the BIFR against an order allowing a revival proposal was allowed, the High Court disposed of the winding-up petition returning proceedings to authorities for further consideration.
Company Petition disposed of; Proceedings returned to BIFR authorities.
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.
1 6-cp-433-2010
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO. 433 OF 2010
(CONVERTED PETITION BIFR CASE NO.44 OF 1992)
B.I.F.R. ..Petitioner.
vs.
M/s. Cosmos Rubber Works Ltd.
..Respondent.
Mr.Rajiv K. Pandey i/b. PRS Legal for Respondent.
CORAM :- ANOOP V. MOHTA, J. DATE :- 29TH OCTOBER, 2012.
P.C.
1 On 26th November 2010 based upon an order dated 28th October 2010 passed by the Board for Industrial and Financial Reconstruction (BIFR) this Court has already expedited the petition and kept for winding up. None appeared for the respondent when order dated 26th November 2010 was passed. The matter was adjourned form time to time. This Court on 15th October 2012 recorded the statement of the learned counsel appearing for respondent - company that their Appeal under Section 25 of the Sick Industrial Companies (Special Provisions) Act, 1985 has been allowed. The operative part of the order is as under:
“10. Considering the above facts and circumstances, we are of the view that there is likelihood of the company being revived on the basis of the draft revival-cum-merger
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2 6-cp-433-2010
proposal submitted by the appellant company. Therefore, we set aside the impugned order and direct the company to submit, within a period of four weeks, its scheme of revival-cum-merger to the OA, who, on receipt of this proposal from the appellant company will submit DMRS within a period of six weeks thereafter. The BIFR then shall proceed according to law to consider the modified draft rehabilitation scheme.”
2 Therefore, keeping all points open and with liberty to the concerned persons, if any, present Company Petition is disposed of. Proceedings in BIFR Case No.44 of 1992 be returned back to the concerned authorities with liberty
( ANOOP V. MOHTA, J. )
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1 issue framed by the court
Whether the company petition under Company Court for winding-up should be disposed of after the appellant's appeal in the BIFR case was allowed.
B.I.F.R.
M/s. Cosmos Rubber Works Ltd.
Anoop V. Mota
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
