Allowed

M/S Jct Electronics Ltd., A-32, Indl. Area Ph-Viii, Sas Nagar, Mohali v. -

Punjab & Haryana HC26 Aug 2016CP/217/2015

Case brief

AI extract

What is this about?

The Court accepted the Board for Industrial and Financial Reconstruction's recommendation to wind up M/s JCT Electronics Limited. The Official Liquidator was appointed as Liquidator, notices were issued to creditors, and orders for publication were passed regarding the winding up.

What did the court decide?

Company was wound up; Official Liquidator appointed as Liquidator; notice issued to creditors; publication ordered in newspapers and Gazette.

M/S Jct Electronics Ltd., A-32, Indl. Area… — Company and Corporate | Punjab & Haryana HC (2016)

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VINOD KUMAR 2016.08.29 15:38 I attest to the accuracy and authenticity of this document Chandigarh

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Company Petition No.217 of 2015

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[ 1 ]

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IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH

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Company Petition No.217 of 2015 Date of decision:26.08.2016

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In the matter of M/s JCT Electronics Limited

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CORAM: Hon'ble Mr. Justice Rakesh Kumar Jain

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Present: Mr. Deepak Suri, Advocate, for the company.

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Mr. D.K.Singh, Official Liquidator.

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Mr. Ajay Pal Singh, Advocate, for Punjab Info. & Communication Technology Corporation.

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Mr. Sachin Bhardwaj, Advocate, and Ms. Divya Suri, Advocate, for PSEB.

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Ms. Gurpreet Kaur, Advocate, for ARCIL.

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Mr. Seerat Sharma & Mr. Mukesh Garg, Advocates, for Mr. Aalok Jagga, Advocate, for UCO Bank.

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Ms. Urvashi Dhugga, Senior Standing Counsel for Income Tax Department.

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Mr. Sanjay Tangri & Mr. Gaurav Tangri, Advocates, for JCT Electronics Workers' Union.

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Mr. G.S.Ahluwalia, Advocate, for Bank of Baroda. Mr. Namit Gautam, Advocate, for JCT Workers' Kalyan Samiti.

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Mr. I.P. Singh, Advocate, for Allahabad Bank. Ms. Geeta Sharma, Advocate, for Central Provident Fund Commissioner.

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Company Petition No.217 of 2015

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VINOD KUMAR 2016.08.29 15:38 I attest to the accuracy and authenticity of this document Chandigarh [ 2 ]

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Mr. Piyush Khanna, Advocate, for Director General of Foreign Trade.

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Rakesh Kumar Jain, J.

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On 01.02.2016, the following order was passed by this Court:-

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“A reference has been received from the BIFR recommending winding up the company i.e. M/s JCT Electronics Limited.

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Learned counsel for the company submitted that the requisite funds could not be arranged to revive the company, hence, the company has no objection if the same is wound up and Provisional Liquidator is appointed.

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Let notice be issued to the creditors and other parties, who appeared before the BIFR for 20.5.2016.

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In view of the aforesaid factual matrix, the petition is admitted.

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The Official Liquidator attached to this Court is appointed as Provisional Liquidator of the company. He shall take the charge of the assets and records of the company.

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Let factum of admission be published in 'The Indian Express' (English), 'Punjabi Tribune' (both Chandigarh Edition) and in the official Gazette of Government of Punjab.

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The publication shall be made by the Official Liquidator out of common pool fund account. The expenses so incurred shall be reimbursed out of the sale proceeds of the assets of the company.”

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Counsel for the company i.e. M/s JCT Electronics Limited has

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no objection if the recommendation of the BIFR for winding up of the company is accepted.

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There is no objection by the other counsels for the winding up.

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Hence, the company is hereby wound up. The Official Liquidator, who was appointed as Provisional Liquidator of the company vide order dated 01.02.2016, is now appointed its Liquidator.

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VINOD KUMAR 2016.08.29 15:38 I attest to the accuracy and authenticity of this document Chandigarh Company Petition No.217 of 2015 [ 3 ]

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Let publication of winding up order be made in 'The Indian Express' (English), 'Punjabi Tribune' (both Chandigarh Edition) and in the official Gazette of Government of Punjab.

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The publication shall be made by the Official Liquidator out of Common Pool Fund Account. The expenses so incurred shall be reimbursed out of the sale proceeds of the assets of the company.

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August 26, 2016 ( Rakesh Kumar Jain) vinod* Judge Whether speaking / reasoned: Yes/No Whether Reportable: Yes/No

M/S Jct Electronics Ltd., A-32, Indl. Area Ph-Viii, Sas Nagar, Mohali v. -

Case brief

What is this about?

What did the court decide?

M/S Jct Electronics Ltd., A-32, Indl. Area Ph-Viii, Sas Nagar, Mohali v. -

Case brief

What is this about?

What did the court decide?

What the court decided

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