(1.) The Court : The facts involved in this winding-up petition are not in dispute. It appears that in relation to the Kelvin Jute Co. Ltd. ("the said Company" for short) the Board for Industrial and Financial Reconstruction (BIFR) by its order dated 13th July, 1989 in exercise of its powers under The Sick Industrial Companies Special Provisions) Act, 1985 ("the said Act" for short) sanctioned a scheme for its rehabilitation. During the subsistence of the said rehabilitation scheme the petitioning creditor lent and advanced to the said Company between 11th February and 25th February, 1994 interest-free loan of Rs. 21,00,000/- in aggregate for the implementation of its rehabilitation scheme.
(2.) On 9th November, 1995 the BIFR expressed its opinion that the said Company should be wound up. The Company thereupon preferred an appeal before the appellate authority under the said Act.
(3.) During the pendency of the appeal before the said appellate authority the petitioning creditor presented this petition on 17th January, 1997 for the winding up of the said Company. Thereupon, the then Company Judge by his orders respectively dated 11th February, 1997 and 1st April, 1997 granted stay of this petition ultimately until 9th May, 1997. By his further order dated 13th May, 1997, he adjourned the hearing of this petition until 9th June, 1997.