SANJIB BANERJEE,J. - (1.) An unsecured creditor of the company (in liquidation) has proposed a loose scheme by way of CA No.835 of 2010 for paying off the debts of the company (in liquidation). The company has a sugar factory near Sitapur in Uttar Pradesh. It is submitted by the contributories that the manufacturing facility has modern equipment and some 300 hundred workers were employed thereat. The matter has been taken up on a number of occasions and it is only now that particulars of the creditors of the company (in liquidation) have been furnished. However, these particulars do not appear to have any basis since the annual accounts of the company (in liquidation) for the years ended March 31, 2009 and March 31, 2010 are not produced. The company was wound up on July 30, 2010.
(2.) Notwithstanding the pendency of the present application, the official liquidator will take all steps in connection with the liquidation of the company. The official liquidator has recently got access to the company and its books and records. The assembly elections in Uttar Pradesh are at present an impediment to all the records of the company being carried from the factory to Calcutta.
(3.) Of the secured creditors of the company (in liquidation), Dena Bank, Corporation Bank and the Pradeshiya Industrial and Investment Corporation of Uttar Pradesh appear to oppose the proposal. Since the secured creditors form a class by themselves and the exposure of the company (in liquidation) to its secured creditors is at least Rs. 101 crore in principal, upon these three secured creditors opposing the payment terms proposed, it does not appear that the proposal can be carried through since the resolution relating to the scheme can be defeated by the three objectors.;