STATE FINANCIAL CORP J&K Vs. BOARD FOR INDUSTRIES
HIGH COURT OF JAMMU AND KASHMIR
State Financial Corp JAndK
Board For Industries
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(1.) AFTER the presentation of the writ petition in the Registry on 31.3.1992, none has appeared till date to pursue and prosecute the petition, which is yet at pre -admission stage. The matter is examined.
The impugned order is of Bench Illrd of the Board for Ind. and Financial
Reconstruction at Bombay. Respondent No.1, the Board, has prima facie
come to the conclusion that all three respondents Companies who have been
extending loan(s) by the petitioner Corporation, have to be wounup in
terms of Section 20 of Sick Industrial Companies (Special Provision) Act
1985. It is observed in the order and is born on record that the representatives of the Government of J&K and the petitioner State/J&K
financial Corporation, did not appear before the Board, despite
opportunity and notices to the State, as also to the Corporation. Even
so, the petitioner Corporation has remedies available under the Act,
notwithstanding that the above Companies have been declared as Sic
Industries Companies liable to be wound up in terms of Section 20 of the
Act. The Board has even directed a public notice for consideration of the
objections/suggestions and same should issued. The objections/
suggestions are to be filed before the Registrar or Board within the
stipulated period. It cannot be said that the petitioner was not given
any opportunity to show cause or that the above impugned order was passed
at the back of the petitioner.
(2.) IN result, no good ground is made out. Contextually even petitioner has opted not to pursue and prosecute the matter. The writ
petition in result is dismissed at this preadmission stage.;
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