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TMI Blog2002 (2) TMI 1235X X X X Extracts X X X X X X X X Extracts X X X X ..... ck Industrial Companies (Special Provisions) Act, 1985 ( the Act ) recorded on 17-8-2001 to wind up the company. 2. Notices were ordered to be issued on 21-1-2002 to the company and IFCI to show cause as to why the company may not be wound up. The office has reported that the notices were sent on 28-1-2002 fixing 18-2-2002 but neither the acknowledgement due nor undelivered cover have been ret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny and estimate of the market value of its assets as well as of the shares and to hold a joint meeting of all secured creditors. In the hearing dated 2-5-2001, the Board recorded that the advertisement for change of management has not been received. In response to that monitoring agency reported that no progress has been made towards rehabilitation and the promoter has not brought any funds to reh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nfirmed its prima facie opinion that the sick industrial company, viz., Ganges Fertilizers Chemicals Ltd. was not likely to make its net worth exceed the accumulated losses within a reasonable time while meeting all its financial obligation and that the company as a result thereof was not likely to become viable in future and it was, therefore, just, equitable and in public interest that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the aforesaid facts and circumstances of the case, the Court has accepted the opinion of BIFR that Ganges Fertilizers Chemicals Ltd., is having its registered office at Bewar Bye-pass, Farrukhabad and directs it to be wound up. The Official Liquidator is appointed as liquidator of the company and is directed to proceed to liquidate the company in accordance with the provisions of Companies Act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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