9911796707
TMI Blog2008 (10) TMI 356X X X X Extracts X X X X X X X X Extracts X X X X ..... it statement of affairs. If no statement of affairs is found within 21 days on the receipt of the notice, the Official Liquidator will move an application for prosecution of the ex-directors under section 454(5) of the Act. The PICUP has not taken any step for sale of the assets and has thus, lost the right given to it by the Board. The Court does not find that the PICUP should be allowed to sell the assets. The PICUP however will continue to deploy security over the assets and keep accounts and claim expenses. The Official Liquidator will take over the possession of the assets. He shall get them valued and submit a report to the Court within two months. - MISC. COMPANY APPLICATION NO. 7 OF 2003 COMPANY PETITION NOS. 34 OF 2000 AND 9 OF ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. The company is represented by their counsels for long time and has not cared to file reply objecting the winding up of the company. 7. A perusal of the order of the BIFR dated 26-3-2003 would show that M/s. Canan Steels Ltd. the company filed a reference under section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (in short the Act), and was declared as sick industrial company in the year 2000. The BIFR appointed Union Bank of India as Operating Agency to conduct a special investigative audit. After considering the report of the Operating Agency the Board dismissed the reference on 10-4-2001. The company filed an appeal in the AAIFR. The order of BIFR was set aside on 26-7-2001 and that the BIFR was directed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urag Khanna in the year 2003 itself and had filed an application on 7-8-2003 supported by affidavit of Shri C.B. Lal, Junior Manager (Law), Grade-I, PICUP, Lucknow claiming that as a secured creditor it should be allowed to realise its dues by sale of its securities. 10. Shri Anurag Khanna informs that the PICUP had taken over possession. Taking into account the facts detailed as above, it is now apparent that the matter has been delayed for one reason or other for five years avoiding the winding up of the company. There is no objection on record or any proposal pending for rehabilitation/revival by any person. 11. The recommendations of the BIFR forwarded to the Court under section 20(1) of the Act dated 26-3-2003 is accepted. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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