B.I.F.R. Vs. CMD, APS STAR INDUSTRIES LTD.
HIGH COURT OF GUJARAT
Cmd, Aps Star Industries Ltd.
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K.A.PUJ, J. -
(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.
This Court has, vide its order dated 9.1.2006, after hearing all the parties, admitted this petition and appointed the Official Liquidator attached to this Court as the Provisional Liquidator of the Company and he was directed to take charge of all properties of all the Units of the Company and was further directed to issue public advertisement in two Newspapers, one in English newspaper and other one in vernacular language having wide circulation in the State of Gujarat, Maharashtra and Karnataka. The Official Liquidator was further directed to call for the details of all pending cases filed by or against the Company in different Courts and also the details of the properties which are in charge of the Court Receiver or other persons as per the directions and the orders passed by the Court. The Official Liquidator was further directed to collect the details with regard to disposal of the assets and distribution of the amount amongst the Secured creditors and/or workers pursuant to the order of BIFR or any other Court and was directed to place the said details before the Court at the time of final hearing of this petition. The final hearing of Company Petition No. 190 of 2003 was ordered to be fixed on 20.02.2006.
(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.;
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