B.I.F.R. versus IN THE MATTER OF M/S SWARNIMA OIL INDUSTRIES LTD.

High Court of Judicature at Allahabad

Indian Supreme Court Cases / Judgements / Legislation

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B.I.F.R. v. In The Matter Of M/S Swarnima Oil Industries Ltd. - MISC. COMPANY APPLICATION No. 1 of 2007 [2007] RD-AH 14218 (20 August 2007)

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. S.P. Mehrotra, J.

The opinion of the Board for Industrial and Financial Re-construction ( BIFR) contained in the order dated 16.7.2007, interalia, stating that it would just, equitable and in public interest that the Company in question, namely, M/s. Swarnima Oil Industries Ltd., be wound up under Section 20(1) of the Sick Industrial Companies ( Special Provisions ) Act, 1985 , has been received by the communication dated 23.7.2007.

Issue notice to the said Company , namely, M/s. Swarnima Oil Industries Ltd., at its Registered Office (34 K.M. Stone, G.T.Road, Dadri , District G.B.Nagar, U.P. ), as well as to the Secured Creditors of the said Company to show cause as to why necessary orders for windiing up of the aforesaid Company ,be not passed pursuant to the opinion of the BIFR.

Notices will be issued by Registered Post A.D., fixing 30.10.2007.

In the said order dated 16.7.2007, the BIFR has directed as follows:-

"Mean while , the company/promotors are directed in terms of Section 22A( b) to safeguard the assets, if any, till such time the Official Liquidator of High Court took over possession of the same".

The aforesaid directions contained in the said order dated 16.7.2007 passed by the BIFR , will continue to remain in  operation until further orders of this Court.

Further, until further orders of this Court, no assets of the aforesaid Company , will be removed or alienated in any manner whatsoever.

Requisite steps  for issuance of notices will be taken by the Official Liquidator within two weeks.

Copy of this order will also  be sent along with the notice.

List on 30.10.2007.

dt. 13.8.2007/MCA No. 1 of 2007/aks.

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