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2012 (9) TMI 461 - DELHI HIGH COURTWinding up proceedings - BIFR finally vide order dated 23rd February, 2000 recommended winding up of the company. - on initiation of winding up proceedings, the ex-directors of the company filed an application stating that they have taken steps to settle the matter with the creditors and workers. - winding up was stayed - Held that:- the company got a life line for the third time. The first one was before the BIFR; the second one was when they entered one time settlement with the PNB and the third when they entered into agreement with ACE Ltd. The company again defaulted. The scheme was propounded way back in 2005. The scheme original propounded was based on OTS payment for PNB. The said OTS payments were not made. Payments were ultimately made to PNB by ACE Ltd. in terms of the deed of assignment. It appears that Directors of the company are in occupation of the residential accommodation belonging to the company in Delhi measuring 3000 square yards. They are using and residing in the said residential property without making any payment. The workers in their application CA 117/2004 had made a claim of more than R.5.45 crores along with details. We do not think the scheme as propounded can be implemented and enforced today. - Company to be wound up.
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