- (1.) This company petition was registered on the recommendation of B.I.F.R. in the year, 1996. M/s. Kumardhubi Metal Casting & Engineering Ltd (KMCEL for short), the company under liquidation, was a joint venture company of Bihar State Industrial Development Corporation, a Government of Bihar undertaking (BSIDC for short) and M/s. Tata Iron and Steel Company (TISCO for short). The share holding was 50.7 and 49.3 respectively. On 17.8.1999, the order of winding up of KMCEL was passed by this Court. The assets of the company under liquidation were in possession of the secured creditor- Bank of India which was ultimately taken over by the Official Liquidator in February, 2006.
(2.) On the insistence of BSIDC, the valuation of assets and invitation of claims was deferred from time to time in this case.
(3.) The BSIDC brought revival package prepared by one consultant, namely, Varrenyam Consultants Pvt. Ltd. engaged by BSIDC. The Official Liquidator indicated shortcomings in the said revival package by report dated 31.3.2009 (at Flag-38). The relevant portion of the order dated 6.11.2009 reads as follows: The Official Liquidator has filed a reply to the revival package on 1.4.2009 (Flag 38). He has indicated shortcomings in the revival package. On going through the materials on record, when I indicated that the objections to the revival package raised by the Official Liquidator are tenable and such revival package will not be in the interest to anybody, Mr. Rajesh Kumar submitted that BSIDC will find out a strategic partner and will settle the terms with such partner for revival, proceeding in view of the objections raised by the Official Liquidator in the said report and will file an affidavit sworn by the Chairman of the BSIDC and authorized representative of the strategic partner.;