R.K. Merathia, J. - (1.) I.A. No. 1054 of 2010:
(2.) ACCORDING to the applicant it has advanced loan to the company under liquidation sometimes in the year 1998. Mr. Umesh Prasad Singh, learned senior Counsel appearing for the ex -management submitted that no such loan is reflected in the books of the accounts of the company under liquidation and at best if the applicant has got any claim it can raise it before the Official Liquidator. Heard. In the circumstances, this interlocutory application is rejected with a liberty to the applicant to raise claim before the Official Liquidator, if the same is maintainable. I.A. No. 1054 of 2010 stands disposed of. I.A. Nos. 30, 1039, 2021 of 2010 and I.A. No. 746 of 2010: In I.A. Nos. 30, 1039 and 2021 of 2010, have been filed by the Ex -Director of the management of the company under liquidation - Mr. Rajiv Sachdeva, or stay of the winding up proceeding and for sanctioning the revival package. I.A. No. 746 of 2010 has been filed on behalf of Anjaney Ferro Alloys Limited (hereinafter referred to as 'AFAL'). Heard the parties. Mr. Umesh Prasad Singh, learned senior Counsel appearing for Mr. Rajiv Sachdeva, ex -director submitted that Mr. Sachdeva has been substituted in place of the secured creditors by order dated 21.5.2010. He further submitted that it is for the management of the company to decide how to run the company in the best interest of shareholders, and that AFAL has; got no locus standi to object to the sanction of the revival package, as AFAI was simply one of the bidders. He further submitted that Mr. Sachdeva is ready to negotiate and settle the dues and the value of share with BSCICO, and also the dues of the excise department about which a case is pending.
(3.) MR . A.K. Das, appearing for BSCICO submitted that if the ex -management settles the said matters, BSCICO has got no objection.;