- (1.) This appeal has been preferred against order of learned Single Judge dismissing writ petition of the appellant for quashing proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and to take action on the representation of the appellant. Connected appeal being Company Appeal No.36 of 2010 has been filed by the appellant against order of winding up under the provisions of the Companies Act, 1956 on the ground of inability of the appellant to pay its debts.
(2.) The appellant took a loan of Rs.9.25 crores in the year 1990 from three credit institutions returnable in instalments upto the LPA No.1755 of 2010 2 year 1998. The Company did not repay the loan as stipulated. Inter se share of the three credit institutions was as under:- i) ICICI 38.28% ii) IDBI 34.45% iii) IFCI 26.27%
(3.) In proceedings under the Sick Industries (Special Provisions) Act, 1985, revival package was approved by the Board for Industrial and Financial Reconstruction (BIFR) on 16.10.1999 envisaging repayment of Rs.26 crores (out of which interest component was Rs.14 crores) upto March 2002. The appellant- company again defaulted in payment as per stipulation, though it claims to have paid Rs.12.80 crores between November 1997 to October 2005.;