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IN THE MATTER OF: INDUSTRIAL INVESTMENT BANK OF INDIA versus L.R. BROTHERS INDO FLORA LTD. & OTHERS

High Court of Judicature at Allahabad

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In The Matter Of: Industrial Investment Bank Of India v. L.R. Brothers Indo Flora Ltd. & Others - COMPANY APPLICATION No. 36 of 1999 [2006] RD-AH 6033 (20 March 2006)

 

This is an UNCERTIFIED copy for information/reference. For authentic copy please refer to certified copy only. In case of any mistake, please bring it to the notice of Joint Registrar(Copying).

HIGH COURT OF JUDICATURE OF ALLAHABAD

Hon. Sunil Ambwani, J.

Present Shri Mohammad Ali for IIBI, the petitioner.    He is not in a position to inform the Court as to what has happened with regard to rehabilitation proposals submitted to IDBI.    Shri Anjani Kumar Misra states that he has informed IDBI  to give its view on the pending rehabilitation proposal.

In the last affidavit filed by respondent No.8, the borrower,  a copy of which is given to counsel for the petitioner on 10.11.2003 it was stated that proposal of one time settlement/ rehabilitation of dues of IDBI, IIBI and PICUP, U.P. is still pending.    The letter of the borrower company dated 4.8.2003 making the proposal shows that it had offered to pay Rs.517.86 lacs to IDBI and IIBI out of total of Rs.600 lacs (including the dues of PICUP) towards full and final settlement in 12 equal interest free installments.

This matter cannot be kept pending indefinitely.

Let the IIBI, IDBI and PICUP take a final view over the matter in next six weeks, failing which the Court will proceed to finally decide the matter.  It will be open to the respondent No.8, who is not represented today to pursue the matter with the financial institutions and banks.

Let a copy of this order be sent by the petitioner to IDBI and PICUP.

Dt.20.3.2006


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Reproduced in accordance with s52(q) of the Copyright Act 1957 (India) from judis.nic.in, indiacode.nic.in and other Indian High Court Websites

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