HEMKUNT IRON & STEEL (PVT.) LTD. Vs. STATE

JUDGEMENT

(1.) THE present petition has been filed by the petitioner company for sanction of the scheme of arrangement arrived at between the company and its creditors.

(2.) THE petitioner company had filed Company Petition 1 of 2006 in this court. The registered office of the company is at village Damuwala, Haripur Road, Barotiwala, District Solan, H.P. The company was incorporated on 18.12.1980 and the authorized capital of the company as on 31.3.2000 was Rs.15,00,000/- and was raised to Rs.50,00,000/- w.e.f. 31.8.2005. The paid up capital of the company was only Rs.15,00,000/-.

(3.) THE company thereafter filed Company Petition 1 of 2006 for approval of the scheme of arrangement. A meeting of the creditors of the company was ordered to be convened under the Chairmanship of Mr.Ankush Dass Sood, Advocate, vide order dated 13.1.2006 passed in the said petition. The meeting was held on 6.6.2006 and as per report of the Chairman all the creditors approved of the scheme of arrangement. The Company Petition No. 1 of 2006 was disposed of on 26th July, 2006 with liberty reserved to the Petitioner Company to move appropriate approval for sanction of the scheme. Hence the present petition.