KRYSTAL POLY FAB LTD Vs. INDO RAMA SYNTHETICS INDIA LTD
HIGH COURT OF DELHI
KRYSTAL POLY FAB LTD
INDO RAMA SYNTHETICS INDIA LTD
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PRADEEP NANDRAJOG, J. -
(1.) Complaint under Section 138 read with Section 141 NI Act has
resulted in issuance of a summoning order against the petitioners.
(2.) The summoning order is questioned only on one ground. It is
urged that on 14.12.1998 BIFR had passed an order under Section 22 A of SICA.
(3.) The direction issued vide order dated 14.12.1998 is as contained
in para 9 of the order. It reads as under:-
Page 1 of 3
"9. The Bench also directed u/s 22A of SICA that the company should not
dispose of any of its fixed assets without prior approval of BIFR. It could,
however, continue to rotate its current assets in the normal course of business
but ensure that all sale proceeds and other related transactions were routed
through its financing bankers only.";
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