High Court of Judicature at Allahabad
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Phoenix Yule Ltd. v. Naveen Project Ltd. - COMPANY PETITION No. 18 of 2001  RD-AH 7234 (4 April 2006)
Hon. Sunil Ambwani, J.
Hearing of this winding up petition has been stayed due to pendency of the matter with regard to the respondent company in BIFR. Initially the reference was rejected as it was belated. The appeal, however, was allowed by AAIFR vide order dated 8.11.2005.
The record of proceedings before BIFR dated 6.3.2006 filed today along with the affidavit of Shri A.K. Tandon records that the company had entered into OTS with Bank of India and Syndicate Bank. IDBI has been appointed as operating agency and has been asked to prepare a viability study report and revival scheme. The cut-off date (COD) for the scheme has been fixed as 30.6.2006.
This Court cannot proceed in the matter as Section 22 of SICA Act, 1985 operates to stay these proceedings.
List on 17.7.2006. Shri P.K. Jain will submit status report of the proceedings before BIFR on that day.
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