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TMI Blog2002 (2) TMI 1240X X X X Extracts X X X X X X X X Extracts X X X X ..... al Reconstruction under section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 recorded on 26-9-2001 to wind up the company. The opinion was forwarded on 18-10-2001 and was received by the Court on 2-11-2001. 2. On 21-1-2002, the notices were ordered to be issued to the respondent-company and IFCI to show cause as to why the company may not be wound up. The office has re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osing of the assets and planning to leave the country. The Board had directed the operating agency to verify the status of the promoters and meanwhile the cost of security should be shared by all the secured creditors. On 28-6-2001, on account of the promoters having gone to USA and apparently not being interested in revival of the company as there being no response to the advertisement for change ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no objection to the winding up of the company. The representative of the IDBI submitted that the Institutions had filed a joint suit in which a decree has been granted on 12-7-2001. The representative of ESIC submitted that their dues were Rs. 24.51 lakhs and they were pursuing legal action for recovery of the same. In the circumstances, the Board confirmed its earlier prima facie opinion that i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this order and to find out the status of the sale as directed by the BIFR. In case the assets or any part of assets have been sold, the IFCI shall be directed to deposit the sale consideration after deducting the sale expenditure, with the official liquidator. In case the assets have not being sold, the official liquidator shall intimate IFCI and shall take charge of the assets of the company and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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