TMI Blog2001 (12) TMI 809X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 ( the Act ) vide its letter No. 34/99 BI dated 31-10-2000 received by this Court on 4-11-2000. 2. Vide order dated 10-8-2001, this Court issued notice to the company at its registered office 570K, Kidwai Nagar, Kanpur returnable in four weeks directing the matter to be listed on 10-9-2001. The office has reported ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Court find that after the registration of reference and declaring the company to be a Sick Industrial Company on 22-6-1999, the operating agency, i.e., Bank of Baroda (BoB) was appointed to examine the viability of the company and to formulate a rehabilitation scheme. The company did not submit its proposal within stipulated period and that in spite of two extensions granted proposals were no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re was no rehabilitation proposal with the means of finance fully tied-up for consideration of the Bench. In para 6 of the opinion, the Court came to the conclusion that the promoters were not serious in rehabilitating the company nor were they resourceful enough to mobilize the required funds for the said purpose and confirmed its opinion that the company was not likely to make its net worth exce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ordance with the provisions of the Companies Act, 1956. In the order of the Court dated 29-9-2000, it had appointed UPFC as operating agency to dispose of the assets of the company in accordance with section 20(4) to deposit entire sale proceed after deducting the expenses incurred by them for sale of the assets to be distributed in accordance with the Companies Act, 1956. 6. The Official Liqu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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