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2014 (2) TMI 1253 - HC - Companies LawRejection of the reference by BIFR - Held that:- The 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 the same. Hence, it is sought that the reference be rejected and the proceedings be closed. As claimed on behalf of the respondent-Company, there are no substantial dues to be cleared except those mentioned hereinabove and therefore, on an undertaking to be filed by the respondent, by way of an affidavit and an Indemnity Bond to the effect that the amounts mentioned hereinabove shall be cleared in due course in terms as aforesaid, the reference is rejected and the proceedings stand closed. The affidavit and the Indemnity Bond shall be filed within a period of one week from today.
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