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2017 (12) TMI 1271 - HC - Companies LawWinding up petition - BIFR had rendered its confirmed opinion on 11.03.2008 for winding up of the company and to forward its opinion to this Court for necessary action in accordance with law and the company / promoters were directed to safeguard the assets of the company in their possession till regular Official Liquidator of the High Court took possession of the same - Held that:- It is true that the opinion of the BIFR may not bind this Court for winding of the company, however, if the company fails to satisfy this Court that it has become viable economically and financially, there is no reason not accept the opinion of the BIFR which was rendered after giving full opportunities to the company and after finding that the company was not viable for rehabilitation. As stated above the BIFR rendered its opinion before three years and there is no headway by the company to establish any viability before this Court. Simply because the company has made application under the scheme introduced by the Government for extending reliefs to the Sick Industries, such would not be a ground to defer making order for winding up of the company. In view of the above, the Company – M/s. Hari Raj Paper Mills is ordered to be wound up. The Registry shall forward / intimate the present order of winding up to the Official Liquidator, the Registrar of the companies as also to the company within two weeks from today. On receipt of the order of winding up from the Registry of this Court, the Official Liquidator shall give the publication of winding up order in Gujarati daily Newspaper as also in English daily Newspaper within 14 days thereafter. The Official Liquidator is appointed as liquidator of the company and is directed to take possession of the assets and properties of the company and to discharge all statutory functions as per the provisions made in the Companies Act, 1956.
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