2001 (7) TMI 1162

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..... or the Official Liquidator. V.B. Unniraj for KFC. K.K. John for SBT. JUDGMENT 1. This petition is filed under sections 433 and 439 of the Companies Act, 1956 for winding up of the first respondent-company. At the time when the petition was filed, scheme for rehabilitation was already sanctioned by the Board for Industrial and Financial Reconstruction (BIFR) on 27-2-1997, as BIFR .....

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..... ction 17 is under preparation or consideration or a sanctioned scheme is under implementation or where an appeal under section 25 relating to an industrial company is pending, then, notwithstanding anything contained in the Companies Act, 1956 (1 of 1956), or any other law or the memorandum and articles of association of the industrial company or any other instrument having effect under the said A .....

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..... s. 947 (Raj.), Testeels Ltd.v. Radhaben Ranchhodlal AIR 1988 Guj. 213, and High Temp. Chemicals (P.) Ltd v. Satya Steel Strips (P.) Ltd. [1993] 72 Comp. Cas. 447 (AP). If there was no bar under section 22(1) at the time of filing of the company petition, proceeding need only be suspended. But, here, at the time of filing of the company petition itself, bar under section 22(1) would apply as .....

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