S.J.MUKHOPADHAYA, J. - (1.) THIS Company Petition has been instituted at the instance of Board for industrial and Financial Reconstruction (hereinafter to be referred as 'B.I.F.R.), who vide order dated 8th March, 1996, sent its opinion under Sub -section (1) of Sec.20 of the Sick Industrial Companies (Special Provisions) Act, 1985 to this Court that it is just and equitable that the Company, namely, Kumardhubi Metal Casting and Engineering Limited, a sick industrial company, be wind up. Accordingly, this Court by its order dated 17th August, 1999, passed in the present case, invoked power under Sub -section (2) of Section 20 of the Sick Industrial Companies (Special Provisions) Act, 1985 and ordered to wind up the Company. The official liquidator of the High Court was appointed as liquidator of the sick company, in question, who was also directed to take possession of all the assets of the Company.
(2.) IN the meantime, the Bank of India, who was earlier appointed as operating agency in course of enquiry by the B.I.F.R. filed a suit before Debts Recovery Tribunal, Patna, under Sec.19 of the Recovery of Debts Due to the Banks and Financial Institutions Act, 1993 (hereinafter to be referred as 'the Act, 1993), which was registered as Case No. O.A. 2 of 1997. In the said case, learned Presiding Officer, Debts Recovery Tribunal, Patna, by its order dated 1st February, 2000 decreed the suit in favour of the decree -holder (Bank of India) with cost and interest, pendente lite and future at the rate of 12% per annum until full and final realization of the claim and directed to issue certificate under Sec.19(7) of the Act, 1993. The aforesaid order dated 1st February, 2000, passed by the learned Presiding Officer, Debts Recovery Tribunal, Patna, in Case No. O.A. 2 of 1997 and the consequential order, including issuance of certificate under Sub -section (7) of Sec.19 of the Act, 1993 was challenged before this Court in C.W.J. C. No. 3510 of 2000 -P, TISCO V/s. Presiding Officer, Debts Recovery Tribunal and Ors. and C.W.J.C. No. 8842 of 2000 -P, Bihar State Industrial Development Corporation Ltd. V/s. Presiding Officer, Debts Recovery Tribunal and Ors. In the present case, an Interlocutory Application bearing I.A. No. 505 of 2005 has been filed by one M/s. Baaz Securities Pvt. Ltd., Mumbai through its Manager R.N. Roy, New Dal Bunglow Road, Patna -1, to be impleaded as intervener to this case. In the said petition under Sec.391 read with Sec.394 of the Companies Act, 1956 , the intervener M/s. Baaz Securities Pvt. Ltd., Mumbai, has shown its eagerness and interest to get the sick Company, in question, revived by spending a substantial amount to satisfy the secured creditor and the workmen after taking over the Company. It is stated that the intervener is ready and willing to revive the sick company, in question, by spending Rs. 2 Crores at a time as per the direction of this Court. For the aforesaid reasons, the intervener has requested to permit its officers to inspect the site inside the factory of the Company, in question, in presence of the official liquidator, to give the detailed list of assets of the Company under liquidation; to give details of the list of employees and their duties; to direct the official liquidator to hand over the list of secured creditors with their addresses and the amount, which is due against the company on the date of order of liquidation and to direct the official liquidator to hand over the list of any dues of the workmen, electricity bills, corporation tax and land revenue, including other claim of Government, Autonomous body of the Government, Private Individual etc.
(3.) AFTER the order of winding up was passed in the case, as in the meantime, the Presiding Officer, Debts Recovery Tribunal, Patna, passed order on 1st February, 2000 and decreed the suit (Case No. O.A. 2 of 1997) in favour of the Bank of India and ordered the Recovery Officer to recover the dues, no further step was taken in the present Company Petition. During pendency of the present Company Petition and in between hearing of the interlocutory application and the present order, both the writ petitions i.e. C.W.J.C. No. 3510 of 2000 -P and C.W.J.C. 8842 of 2000 -P, preferred against common order dated 1st February, 2000, passed in Case No. O.A. 2 of 1997 and the consequential orders, have been allowed by this Court by judgment dated 14th June, 2005, and the matter has been remitted to the Presiding Officer, Debts Recovery Tribunal, for re -determination of the issues. As the very matter is pending before the Presiding Officer, Debts Recovery Tribunal, Patna, and under law, the said Tribunal has jurisdiction to decide all the issues, including the claim, as may be made under the Companies Act, 1956, it is better for the intervener to move before the said Debts Recovery Tribunal, Patna, for appropriate relief, as sought for in the present case, It is well within the jurisdiction of the Presiding Officer, Debts Recovery Tribunal, Patna, to notice the offer for revival of the sick Company, in question, as has been given by the intervener M/s. Baaz Securities Pvt. Ltd., Mumbai. The learned Presiding Officer, Debts Recovery Tribunal, Patna, is expected to pass appropriate order, in accordance with law, taking into consideration the interest of the parties, including the Bank of India and the workmen.;