9911796707
TMI Blog1987 (4) TMI 371X X X X Extracts X X X X X X X X Extracts X X X X ..... question is one of rehabilitating the company, it is desirable that the company court should have a full and complete picture of the state of affairs of the company and there should be no conflicting orders from different courts in different suits. It is in that view that, in the particular circumstances of this case, we think it is best that the suits now pending in the High Court of Bombay shoul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... them. The company has its registered office in the State of Gujarat and employs nearly 2,200 workers in its factories. The company is engaged in the production of sheet-glass. It appears that the company is in financial straits. Several petitions to wind up the company appear to have been filed in the Gujarat High Court. Meanwhile the Government of Gujarat has declared the petitioner company as a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... suits as well as the winding-up proceedings and any further proceeding that may be taken for the purpose of rehabilitating the company. In the petition, the company has set out various steps which are being taken to pay off the creditors. The application for transfer is opposed strenuously by the financial institutions on the ground that the secured creditors are outside the winding-up proceeding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Act. It is true that the secured creditors are outside the winding-up proceedings but when the question is one of rehabilitating the company, it is desirable that the company court should have a full and complete picture of the state of affairs of the company and there should be no conflicting orders from different courts in different suits. It is in that view that, in the particular circumstanc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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