Altamas Kabir, ACJ - (1.) The appellant No. 1 in this appeal is a Company within the meaning of the Companies Act, 1956 and claims to be carrying on business at 24, Netaji Subhas Road, Kolkata - 1. The appellant No. 2 is a Director-shareholder of the appellant No. 1 Company.
(2.) The respondent No. 6, the Kelvin Jute Company Ltd. is the owner of Kelvin Jute Mill. Having suffered considerable losses which eroded its net worth, the Kelvin Jute Co. Ltd. was unable to make its net worth positive and filed a reference before the Board for Industrial and Financial Reconstruction (BIFR) under the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) for rehabilitation of the Company.
(3.) By order dated 8th February, 1988, the Company was declared sick under the aforesaid Act and finally the BIFR by its order dated 8th November, 1985, recommended that the Company should be wound up. The view of the BIFR was also affirmed by the Appellate Authority on 6th May, 1997.;