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2018 (8) TMI 1614 - HC - Companies LawSeeking sanction of the Scheme of Revival - main object of the revival scheme is to commence manufacture wooden furniture and allied handicraft articles in the first phase of the business in which the propounders/contributories are said to have experience. It is also proposed to take up manufacturing of machine made woven carpets in the second phase - Held that:- As far as the contention that the scheme has become stale with the passage of time is concerned, in my opinion, the argument appears to be misconceived. The matter has been pending in court. Under the scheme, the entire secured creditors’ dues already stand paid. The Scheme of the respondent Company envisages that on revival it will pay all the dues of the unsecured creditors. Hence, I do not see, how the projection, in case it has become out dated would in any manner effect the revival scheme. It is manifest from the reading of the above that presently there are no secured creditors. The unsecured creditors have unanimously in the meeting held agreed to abide by the scheme. The shareholders in the meeting have also unanimously agreed to abide by the revival scheme. In court two share holders having a share of 3% are objecting pleading essentially that Bharat Kala Kendra Ltd. be treated at par with all other unsecured creditors. There is no impediment to passing of the scheme as proposed. It clears all prescribed parameters. The only issue that survives is the payment of the dues by the respondent Company after revival of Bharat Kala Kendra Pvt. Ltd., if any. In opinion, in view of the order of this court dated 05.07.2011 as also clarified by the Division Bench, these are issues which the OL has to raise in the winding up proceedings pertaining to Bharat Kala Kendra Pvt. Ltd., namely, CP No. 160/1985. The issues regarding the payment of interest, etc. are kept open and passing of the scheme will not in any manner dilute the said contentions that are raised by Mr. Akhilesh Gupta and learned counsel appearing on behalf of Mr. R.N. Gupta. These aspects would be adjudicated upon in the winding up petition which is dealing with Bharat Kala Kendra Pvt. Ltd. The present application is allowed. The revival scheme as proposed is sanctioned. The OL will hand over possession of all the existing properties and assets of the respondent Company and the statutory records, books of accounts, etc. to the proposed management of the respondent Company. The winding up order is recalled.
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