TMI Blog2014 (2) TMI 1253X X X X Extracts X X X X X X X X Extracts X X X X ..... ndertakes to clear the same. Hence, it is sought that the reference be rejected and the proceedings be closed. As claimed on behalf of the respondent-Company, there are no substantial dues to be cleared except those mentioned hereinabove and therefore, on an undertaking to be filed by the respondent, by way of an affidavit and an Indemnity Bond to the effect that the amounts mentioned hereinabove shall be cleared in due course in terms as aforesaid, the reference is rejected and the proceedings stand closed. The affidavit and the Indemnity Bond shall be filed within a period of one week from today. - Company Petition No. 28 of 2010 - - - Dated:- 28-2-2014 - Anand Byrareddy, J. Shri Puttige R. Ramesh, Advocate, for OA-SBM. Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ility was ₹ 74.82 lakhs, though there was a claim by the Department to ₹ 1,11,69,588/-. The State Bank of Mysore claimed costs of advertisement at ₹ 1.79 lakhs. The Central Excise due was ₹ 1.32 lakhs and ₹ 1.53 lakhs was the service tax. The Rubber Board claimed ₹ 9,54,528/- and there is due of the Employees Provident Fund in a sum of ₹ 15,35,044/-. The promoters, it is claimed, could not give any concrete proposal before the BIFR. Therefore, the State Bank of Mysore had assigned their debts in favour of the Asset Reconstruction Company. The BIFR having taken note of the liability, had formed an opinion that it would be just and equitable in public interest for the respondent-Company to be woun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recovery which is in a sum of ₹ 5,07,711/-, is said to be pending and the company has approached the Department to waive the interest and penalty, but the company has been directed to approach the authorities in the next financial year. However, there is no material produced in support of this claim. It is further claimed that the respondent is in the process of negotiating with the Rubber Board for waiver of interest and penalty and the respondent undertakes to clear the same. Insofar as unsecured creditors, namely M/s. H.K. Trading Company, Mahesh Trading Company and Essem Trading Company, Mumbai, amounting to ₹ 70,60,000/-, according to the respondent has been settled by selling the personal property of the Managing Direct ..... X X X X Extracts X X X X X X X X Extracts X X X X
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