B.I.F.R. Vs. CMD, APS STAR INDUSTRIES LTD.

JUDGEMENT

(1.) SINCE all these petitions as well as Company Applications are in respect of the same Company, namely, APS Star Industries Ltd., they are heard together and are disposed of by this common judgment and order.

(2.) COMPANY Petition No. 190 of 2003 is registered on the basis of opinion forwarded by the Board for Industrial and Financial Reconstruction (BIFR) on 16.7.2003 to the Registrar of this Court under Section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) stating that despite having allowed enough time and opportunity, it had not been possible to formulate any acceptable revival scheme for the company enabling it to make its net worth exceed the accumulated losses within a reasonable time while meeting all its financial obligations and that the Company as a result thereof was not likely to become viable in future and that it was just, equitable and in public interest that the Company should be wound up under Section 20(1) of the Act.

(3.) AFTER admission and advertisement of the Company Petition No. 190 of 2003 the same has come up for final hearing before this Court on 29.4.2006 and submission was made before the Court on behalf of the Company that the management of the Company has made an application before this Court for recall of the order of admission and advertisement. The Court, therefore, observed that it would be the responsibility of the respondent Company to obtain necessary orders from the very Court, which has passed the order of admission and advertisement. The Court has not entertained any such application for recalling of the order of admission and advertisement and hence the said order has become final.