HEAVY ENGINEERING CORPORATION LIMITED, RANCHI Vs. BOARD FOR INDUSTRIAL & FINANCIAL RECONSTRUCTION
LAWS(JHAR)-2012-3-70
HIGH COURT OF JHARKHAND
Decided on March 12,2012

HEAVY ENGINEERING CORPORATION LIMITED, RANCHI Appellant
VERSUS
BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION Respondents

JUDGEMENT

R.K.MERATHIA, J. - (1.) HEARD the parties finally.
(2.) THIS civil miscellaneous petition has been filed for modification/ clarification of the order dated 13/11/2009, disposing off the Company Petition No. 5 of 2004 with Writ Petition (Civil) No. 4513 of 2004. The relevant portion of the revival package of M/s Heavy Engineering Corporation Limited, Ranchi (HEC for short) approved by the Government of India, Ministry of Industries & Public Enterprises, Department of Heavy Industry, PE.V Section dated 18/09/2008, reads as follows: I am directed to state that the Government has approved the proposal of revival for HEC, which envisages Infusion of funds & reliefs and concessions as under: ............... (v) To allow HEC/Department of Heavy Industry to approach High Court and the Central Board of Direct Taxes for waiver of capital gains tax in the case.
(3.) THE said revival package was part of I.A. No. 1701/ 2009, filed by HEC and I.A. No. 1809/2009, filed by the Central Government. The revival package of the State Government was part of Affidavit, filed on behalf of the State of Jharkhand on 02/06/2009. The said company petition and the writ petition were disposed of by order dated 13/11/2009, paragraph 13 of which reads as follows: 13. The prayers made in I.A. No. 1701 of 2009 filed by HEC, I.A. No. 1809 of 2009 filed by the Central Government and Affidavit filed on 2.6.2009 by the State of Jharkhand are allowed. The winding up proceeding being C.P. No. 5 of 2004 with W.P. (C) No. 4513 of 2004 are disposed off in terms of these I. As., affidavits and the revival packages. HEC is now free from winding up proceeding. The Central Government, the State Government and the HEC and other concerned parties are directed to act in terms of Revival Packages. Let us hope and wish that past is not repeated and HEC, the nation's pride and mother of industries fulfills its object of serving the Nation. ;


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