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2010 (12) TMI 1052 - HIGH COURT OF DELHIWinding up - liquidation - possession of land - held that:- The Official Liquidator was appointed as a provisional liquidator on 6-4-2004. At this stage, we have to keep in mind interest of the creditors and workmen. Interest of the promoters or members/ management of the company is relevant but not as important as interest of creditors and workmen. We have to also keep in mind the fact that 7 years have lapsed and unless immediate steps are taken, the value of the plant and equipments will depreciate. Issue of fresh sale proclamation on the basis of the valuation report submitted by ITCOT is likely to take time. It will be open to the management of CBL to negotiate and submit a proposal/scheme from a third party in the integram. I am not inclined to adjourn the matter to enable the management of BIPL to find a third party and file an application propounding a scheme as this would cause delay. It will be open to the management or any third party associated with them to participate in the auction/bidding process. The primary concern of the Company Court at this stage as stated above is twofold; (i) to secure and ensure payment to the creditors on best possible terms and (ii) to get a fair deal for the workers both with regard to the past arrears and future employment. These aspects cannot be left to the management of the CBL alone. Attempts have to be made to get a best possible deal by tapping all sources and parties, who are interested.
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