9911796707
TMI Blog1990 (10) TMI 261X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Shri Sanjay Dua, petitioners, have filed Company Petition No. 113 of 1987, under section 439 of the Companies Act, 1956, for winding up of N. K. M. Industries Pvt. Ltd., hereinafter called "the company", on the ground that, since its inception, the company failed to commence its business and it was also just and equitable to do so, because, the company did not make any profit. The company was incorporated on September 25, 1981, with the objects of carrying on the business of manufacturing and processing woollen and other textile fabrics and also of manufacture, sell and export various forms of paper and pulp. According to the allegations as made in the company petition, petitioner No. 1 had taken over as managing director and petitio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uate primary as well as collateral securities. In the application, it is alleged that since the unit has remained closed for over four years and it became sick, an application was moved on August 25, 1988, by Shri K.K. Mehtani to the State Bank of India, South Patel Nagar Branch, New Delhi, with a copy to the Regional Bank Manager, for a package of relief and concessions, with a view to revive the unit and to restore it to the normal state of health. The facilities asked for by Mr. Mehtani are as under : "( i )Penal interest be waived and unpaid interest on term loan and cash credit account be funded into a separate term loan. No interest be charged on such funded portion of the term loan. The company shall however, pay simple interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... states that it is ready to give collateral security of the shed, which is worth Rs. 8 lakhs and primary security of plant and machinery, which is worth Rs. 16 lakhs. In its reply, the State Bank of India has disputed the allegations as made by the applicant. According to the bank, the primary security, now offered by Mr. Mehtani, is only of scrap value. The machinery which was imported six years back, as a product of close-wall technology, was an obsolete piece discarded as useless. Moreover, the machinery is lying idle ever since its purchase. The bank has further alleged that the proposals put forward by Mr. Mehtani are not commercially sound and these do not prove the viability of the project. At this stage, in my view, it is not nec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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