- (1.) THE company in question is Buxa Dooars Tea Company (India) Limited (in liquidation). By an order of this Court dated 1st March, 2006 the company was directed to be wound up. THE Official Liquidator has taken possession of its assets.
(2.) THIS is an application by some contributories of the company for sanctioning of a scheme for carrying on business that was carried on by the company, as if it had not been wound up. The scheme relates to two Tea Gardens of the company (in liquidation), being Kalchini and Raimatang tea gardens. Pursuant to an order of this Court dated 8th September, 2008 in C. A. 526 of 2008, separate meetings of members and creditors of the company (in liquidation) were held. It is submitted before me that notice of the meeting was given to all statutory creditors. In the said separate meetings, by the required majority, the scheme were adopted. The question now is about approval of the scheme. It is submitted that two affidavits have been filed by workers' unions, supporting the scheme. They are also represented by Counsel. Two secured creditors namely, Bank of Baroda and Tea Board are also represented by Counsel. They do not have any objection to the said scheme, provided the terms of the scheme are carried out. Two unsecured creditors are also represented to signify their consent. Consent has also been signified by the learned Counsel appearing for the Agricultural Income Tax Authorities.
(3.) HOWEVER, this scheme has been opposed by the Official Liquidator. Learned Counsel for the Official Liquidator submits that - 1) the scheme does not take care of the interests of the workers, 2) the scheme provides for sale of the machinery in the tea garden and their replacement by new machinery. If the old machinery are sold and subsequently not replaced, that might result in loss of assets to the company, 3) third party interests might be created in implementation of the scheme which would increase the liability of the company. Mr. Anil Gupta, learned Counsel appearing for the Provident Fund Authorities, submits that their dues are about 12 crores. Further, learned Counsel for the Income Tax Department submits that income tax dues of the company in liquidation from assessment years 1991-92 amount to about Rs.28,10,199/-, till 1st March, 2006.;