Aloke Chakrabarti, J. - (1.) This application was filed seeking leave to be granted to the K workers of Gouripur Jute Company Limited (in liquidation) through their authorised trade unions to find suitable financier / financiers and management experts to run the mill of the company (in liquidation) using the plant and machinery existing stock, finished goods etc lying in the mill and for allotting the portion of the assets and properties of the company (in liquidation) including the mill to be allotted and handed over to the workers for running the mill and to grant leave to run the said mill under the supervision and control of the Receiver and Special Officer and not to proceed with sale of the assets.
(2.) The case made out in the affidavit in support of the applications are that the company (in liquidation) was declared a sick industrial company within the meaning of the Sick Industrial Companies (Special A Provision) Act, 1985 (for short SICA 1985) and a reference was pending before the Board for Industrial and Financial Reconstruction (BIFR). Operating agent was appointed in the said reference. BIFR upon considering the report of the operating agency recommended on September 13,1991, that the company be wound up and the records were forwarded to this Court. The appeal before the Appellate Authority also failed In the year 1993, Allahabad Bank as a secured creditor instituted a suit against the company and the guarantor claiming a decree for Rs. 26 crore's and odd with interest towards recovery of their dues. The suit filed by the Indian Bank against the company was decreed on compromise on May 2, 1994. The suit filed I by Allahabad Bank on transfer to Debts Recovery Tribunal was decreed with interest.
(3.) In the year 1997, two applications for winding up of the company were filed by two creditors. The said applications for winding up were initially admitted and, thereafter, winding up orders were passed on November 26, 1997 and December 10, 1997. Several interested parties expressed their intention to run the mill. An application was also filed before this Court seeking permission to run the mill on ad hoc basis. In fact such permission was granted for sometime by order of the Court but ultimately none of them could run the mill smoothly to the satisfaction of the Court and all concerned parties and further liabilities were accrued. The matter was ultimately considered by the Appeal Court which ultimately directed the Official Liquidator to take possession of the company and to take necessary steps for sale of the assets by order dated September 5, 1998. The Official Liquidator took possession of the assets and properties of the company in terms of such direction. Referring to the total present liability of the sick company and more than 40d0 employees of the company in distress, the present application has been filed seeking leave to run the mill on the conditions staled in the affidavit.;