9911796707
TMI Blog2014 (2) TMI 1253X X X X Extracts X X X X X X X X Extracts X X X X ..... was declared as a sick industrial company, in terms of Section 3(1)(o) of the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as 'SICA', for brevity), as per the order dated 1-12-2005. The Bench appointed the State Bank of Mysore as the Operating Agency under Section 17(3) of the SICA. Despite the direction and opportunity to the Operating Agency, there were no acceptable offers received in response to the advertisement in view of which, the BIFR permitted all secured creditors to file/continue the recovery proceedings/suit against the company on condition that the decree obtained would not be executed without prior permission of the Bench, apart from other directions issued. 3. The State Bank of Myso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... signed to the Asset Reconstruction Company was duly settled and a 'No due certificate' dated 2-9-2010 was issued, a copy of which is produced. The State Bank of Mysore had claimed a sum of Rs. 1,79,000/-, which has been paid as on 10-1-2013 towards advertisement charges. The KSFC has also accepted a one-time settlement and a clearance certi-ficate has been issued pursuant to closure of the loan account dated 26-7-2012, a copy of which is produced. The Provident Fund dues in a sum of Rs. 7.24 lakhs have been cleared. However, insofar as the penalty of Rs. 8 lakhs is concerned, it is claimed that there is a negotiation under progress and it is likely that a decision would be taken by the authorities, soon. The sales tax dues are said to have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is contended that the respondent-Company has cleared all other debts and if any dues are found later, the respondent undertakes to clear the same. Majority shareholder of the respondent is the majority shareholders of Anand Comforts Pvt. Ltd., which is also said to be carrying on a similar business as the respondent. The debts were cleared out of the sale proceeds of the personal assets of the wife of the Managing Director and also out of the personal borrowing of the Managing Director of the respondent-Company. The machinery is said to be in good condition and will be used in its business and that there are no debts except as aforesaid and even if there are any dues legitimately payable to any person, the respondent undertakes to clear ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
