- (1.) In this creditor's winding up petition filed after giving statutory notice, a return has been filed stating that the company was declared as "sick industrial undertakings" and the matter is still pending before the Board for Industrial and Financial Reconstruction.
(2.) In the counter affidavit of Arvind Kumar Dave, it is stated that reference was registered by the Board for Industrial and Financial Reconstruction as Case No. 149 of 1994. The company was declared a sick industrial company and the IFCI appointed as "operating agency". The Board for Industrial and Financial Reconstruction sanctioned a scheme for rehabilitation on November 20, 1995, under Section 18(4) read with Section 19(3) of the Sick Industrial Companies (Special Provisions) Act, 1985, to be implemented within ten years. Since the scheme could not implemented, the Board by its order dated July 5, 2004, found that the company should be wound up on which the Misc. Company Application No. 1 of 2004 was registered in this court.
(3.) The order of the Board for Industrial and Financial Reconstruction was challenged in the appeal which was allowed on September 5, 2005, and the matter was sent back to the Board for Industrial and Financial Reconstruction. The MCA No. 1 of 2004 was dismissed on October 18, 2005.;