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TMI Blog2011 (8) TMI 1387X X X X Extracts X X X X X X X X Extracts X X X X ..... pany Petition-32/2000 and possession including entire records and assets be handed over to the applicant company obviously after fulfilment of the requirement provided under law. 2. As alleged in the application that M/s. Deeps Special Steels Ltd was incorporated in 1983 as public limited company by shares with the Registrar of Companies and continued to run its commercial production till December, 1992. However, in the first phase of 1993 because of some labour problems there was a prolonged closure accumulating losses which exceeded the net-worth (reserves and capital) of the company and in view of erosion of the net-worth of the company, matter was referred to BIFR. However, after examining the matter at length u/s. 16 of the Act, 1985 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... intervening period dues of the secured creditors namely IFCI and State Bank of Patiala and statutory dues of the Commercial Taxes Department which were raised and outstanding, communicated vide letter dt. 21.07.2011 were also paid vide cheque dt. 22.07.2011 and it has been informed to this Court it was encashed, at the same time the dues of the RIICO and JVVNL have also been finally settled/cleared by the Ex-promoters of the company. It has been alleged that for revival of production and repayment of the creditors, the promoters were successfully arranging sufficient funds through one M/s. Riddhi Packages Pvt. Ltd and the Board resolution passed by the company M/s. Riddhi Packages Pvt. Ltd. has also been placed on record, and the outstandi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e law. 5. Mr. R.B. Mathur appearing for Commercial Taxes Department on the other hand submits that demand which was raised by the department of commercial taxes vide their communication dt. 21.07.2011 has been paid in full but a note has been appended in the demand notice itself that in addition to year 1991-92 matter is pending before the Deputy Commissioner (Appeals). Counsel submits that there may be possibilities that some interest may still remain payable. However, neither demand nor notice has been sent by the department regarding interest as alleged so far and to meet out their objection counsel for applicant submits that what was due and raised by the department has been paid and if any future demand is received subject to their ri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... High Court and the matter is to be examined under u/S.20(2) of the Act while taking a final decision as to whether company petition deserves to be admitted based on the recommendations made by the BIFR but during the pendency if the Ex-Directors/promoters of the company have been able to settle the dues of secured creditors and sovereign dues of the State Government and other statutory and outstanding dues of the company there appears to be no justification in remitting the matter back to the BIFR and that can always be looked into by this Court while taking final decision. It will be relevant to record that what was recommended by the BIFR is not binding upon this Court and the BIFR being a recommendatory body this Court has to take final ..... X X X X Extracts X X X X X X X X Extracts X X X X
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