2003 (12) TMI 330

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..... titions under section 397/401 of the Code of Criminal Procedure are directed against the order of the Additional Chief Judicial Magistrate (Fast Track), Bikaner whereby on different dates he has read over the accusation to the petitioners for offence under section 138 of the Negotiable Instruments Act. 2. It appears that "Esskay Remedies Ltd." (hereinafter referred to as "ERL") having its Head Of .....

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..... d company". It is averred that accused company by executing the agreement dated 26-11-1998 engaged the complainant company as C & F Agent. As per the terms and conditions, the complainant gave a demand draft to the accused company for a sum of Rs. 8,00,000 as a cash security. However, the accused company did not indulge into the business with them and terminated the agency on 5-4-1999. Cheques wer .....

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..... nies (Special Provisions) Act, 1985 ('SICA'). 4. The learned counsel has placed reliance on the decision of the Apex Court in Kusum Ingots and Alloys Ltd. v. Pennar Peterson Securities Ltd. [2000] 34 SCL 88. On the other hand, it is submitted by the learned counsel for the complainant that the contention is premature as it will be open for the accused company to place the material in this regard .....

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..... World Tex Limited v. State of Rajasthan (2004 Cri LJ 420) (Raj.). It will be relevant to acquaint with the section 22A of the SICA, which reads as follows :- "22-A. Direction not to dispose of assets.-The Board may, if it is of opinion that any direction is necessary in the interest of the sick industrial company or creditors or shareholders or in the public interest, by order in writing, direct .....

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..... ring the period in which the restraint order passed by the BIFR remains operative. The sick company can dispose of or alienate any of its fixed assets with the approval of the BIFR. Thus, I am in agreement with the submission of the learned counsel for the complainant that issue raised by the learned counsel for the accused company is premature. It shall be considered at the appropriate stage by t .....

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