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TMI Blog2015 (8) TMI 1412X X X X Extracts X X X X X X X X Extracts X X X X ..... ikely to make its net worth positive in the foreseeable point of time and therefore was not capable of being revived and rehabilitated. Consequently, vide order dated 08.07.2014 under Section 20(1) of the Act of 1985, the Board recorded an opinion that it is just and equitable that M/s. Deepak Castings Ltd. should be wound up and referred its opinion to this Court. Under the said order the BIFR recorded as under: "Having considered the submissions made in the hearing and material on record, the Bench came to the conclusion that despite having allowed enough time and opportunity to the company/promoters and exploring other possible avenues also, it had not been possible to formulate any acceptable revival scheme for the company that could ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hing on record for disagreement with the factual conclusions of the Board and its opinion based thereon that the respondent-Company was not positioned to make its net worth exceed its accumulated losses within a reasonable time. And the conclusions of the Board have not been objected to by any stakeholder in the respondent-Company. In the circumstances thus obtaining, I am of the considered view that the respondent-Company is not in a position to meet its financial obligation or likely to become viable in the foreseeable future making its net worth exceed the accumulated loss (as held by the Board) and therefore it is just, equitable and in public interest that the respondent-Company be wound up. Consequently, the respondent-Company M/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s invitation of claims from the creditors/workmen in view of the order dated 24.04.2015 wherein while impleading India SME Asset reconstruction Company Ltd. as a party on its application, it was directed as under : "It is clarified that the applicant assignee shall be liable to discharge all obligations of the secured creditors towards the company in liquidation such as claims of workers and expenses in the course of winding up of the company in liquidation." All payments made by India SME Asset Reconstruction Company Ltd. to the O.L. for the purpose aforesaid shall be a charge on the assets of the company in winding up which are stated to be in possession of India SME Asset Reconstruction Company Ltd. itself. All papers relating to this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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