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In The Matter Of The U.P. Stock Exchange Association Ltd. v. M/S Gordon Herbert (India ) Ltd. - COMPANY PETITION No. 6 of 2003  RD-AH 14353 (22 August 2007)
22-08-2007 Hon'ble S.P.Mehrotra, J.
Pursuant to the order dated 8th August, 2007, the case is listed today.
Sri Arnab Banerji, learned counsel for the Official Liquidator and Sri Sumit Jaiswal, holding brief for Sri U.K. Saxena, learned counsel for the Respondent-Company, are present.
It appears that the Board for Industrial and Financial Reconstruction (BIFR) passed an order dated 17th March, 2003 expressing its opinion that it was just, equitable and in public interest that the Company in question, namely, M/s Rajinder Alloys Ltd. be wound up under Section 20 (1) of the Sick Industrial Companies (Special Provisions) Act, 1985 .
The said opinion of the BIFR was received by the Registry of this Court by Communication dated 31st March, 2003.
It further appears that in view of the said opinion of the BIFR, this Court passed an order dated 21st April, 2004 directing that the Company in question be wound up.
It appears that subsequently, Civil Misc. (Restoration) Application No. 106606 of 2004 along with Civil Misc.(Delay Condonation) Application No. 106600 of 2004 was filed before the Court, inter-alia, praying for recall of the said order dated 21st April, 2004.
On 27th October, 2005, this Court passed an order, inter-alia, directing that the said Winding-up Order dated 21st April, 2004 would remain suspended .
In the said order dated 27th October, 2005, the Court, inter-alia, noticed the fact that against the order dated 17th March, 2003 passed by the BIFR, an Appeal had been filed before the Appellate Authority for Industrial and Financial Reconstruction (AAIFR), and the same was pending.
On 17th July, 2007, Sri Sumit Jaiswal holding brief for Sri U.K. Saxena, learned counsel for the Respondent-Company stated before the Court that the Appeal before the AAIFR had been decided by the AAIFR by its order dated 9-4-2007, and the order dated 17th March, 2003 passed by the BIFR had been set aside, and the matter had been remanded to the BIFR for consideration.
On the said date, i.e., 17th July, 2007, Sri Sumit Jaiswal took time for bringing on record, copy of the said order dated 9th April, 2007 passed by the AAIFR by moving proper Application on behalf of the Respondent-Company.
Today, Sri Sumit Jaiswal states that a Supplementary Affidavit, sworn on 6th August, 2007 (Paper No. A-12), has been filed on behalf of the Respondent-Company, inter-alia, bringing on record copy of the said order dated 9-4-2007 passed by the A.A.I.F.R.
A perusal of the said Supplementary Affidavit shows that copy of the said order dated 9th April, 2007 passed by the AAIFR has been filed as Annexure SA-1 to the said Supplementary Affidavit.
Paragraph 11 of the said order dated 9th April, 2007 passed by the AAIFR is as under :
"In the background of these latest developments, we are of the opinion that it will not be appropriate to wind up the company at this juncture. We, therefore, set aside the impugned order and remand the case to BIFR. However, this does not imply that the appellant company can take its own time in furnishing its proposal through the OA to BIFR. The Company will also be required to mobilize further adequate finances to bring about revival of the Company. We, therefore, direct that within 4 weeks of the date of this order the company shall prepare a revival proposal and submit the same to the OA which shall after due examination in the course of the next two weeks place the same before the BIFR for that Authority to proceed further expeditiously and in accordance with law. "
It is, inter-alia, stated in paragraph 5 of the said Supplementary Affidavit that in view of the said order dated 9th April, 2007 passed by the AAIFR, the present Misc. Company Application No. 6 of 2003 has become infructuous, and is liable to be dismissed as such.
In my opinion, as the AAIFR by the said order dated 9th April, 2007 has remanded the matter to the BIFR for consideration of the revival proposal as mentioned in the said order dated 9th April, 2007, it will be appropriate that the present case be directed to be listed on 13th November, 2007 so that in the meantime, the BIFR may pass appropriate order, pursuant to the remand by the AAIFR by the said order dated 9th April, 2007.
Accordingly, the case is directed to be listed on 13th November, 2007.
The order dated 27th October, 2005, whereby the Winding-up Order dated 21st April, 2004 has been suspended, will continue to remain in operation until further orders of this Court.
Sri Arnab Banerji may file reply on behalf of the Official Liquidator in respect of the aforesaid Supplementary Affidavit within three weeks.
Rejoinder Affidavit, if any, may be filed by the next date fixed in this case.
On the next date of listing, the learned counsel for the Respondent-Company will inform the Court regarding status of the proceedings before the BIFR, pursuant to the remand by the AAIFR by the said order dated 9th April, 2007.
Misc.Company Application No. 6 of 2003/AK/L
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