9911796707
TMI Blog2008 (10) TMI 356X X X X Extracts X X X X X X X X Extracts X X X X ..... to time Shri Amit Negi had informed the Court earlier, that the appeal was dismissed by the AAIFR on 19-7-2005. Since thereafter the proceedings are being adjourned for one reason or other. 3. Shri Atul Dayal had sent an illness slip on 25-2-2008 and thereafter no one appeared on 13-2-2008. Today again when the matter is listed, a mention was made that Shri Atul Dayal is not well. Shri L.M. Singh appearing along with him has not cared to appear in the matter. 4. It is very often found by the Court that after the recommendations of the BIFR to wind up the company and dismissal of the appeal, the company adopts dilatory tactics to avoid the winding up to siphon off or sell away the assets of the company. It becomes very difficult thereafter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any was not found acceptable in the meeting dated 16-11-2002 by the secured creditors. The projections were found to be unrealistic and unviable. 8. The Board thereafter found that there was no proposal for rehabilitation pending and that the company was not likely to make its net worth exceed its accumulated losses within a reasonable time while meeting all its financial obligations. The BIFR found it just, equitable and in public interest that the company should be wound up under section 20(1) of the Act. The Board thereafter appointed PICUP as 'Selling Agent' to dispose of the properties of the company in terms of section 20(4) of the Act and to deposit the entire sale proceeds after deducting the expenses with the concerned High Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f no statement of affairs is found within 21 days on the receipt of the notice, the Official Liquidator will move an application for prosecution of the ex-directors under section 454(5) of the Act.
13. The PICUP has not taken any step for sale of the assets and has thus, lost the right given to it by the Board. The Court does not find that the PICUP should be allowed to sell the assets. The PICUP however will continue to deploy security over the assets and keep accounts and claim expenses. The Official Liquidator will take over the possession of the assets. He shall get them valued and submit a report to the Court within two months.
The connected Company Petition Nos. 34 of 2000 and 9 of 2008 are accordingly disposed of. X X X X Extracts X X X X X X X X Extracts X X X X
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