Calcutta High Court
Bharat Process & Mechanicals vs Official Liquidator on 9 October, 2015
Author: I. P. Mukerji
Bench: I. P. Mukerji
ORDER SHEET
CA No.524 of 2014
BIFR No.520 of 1992
CA No.400 of 2014
CA No.409 of 2014
IN THE HIGH COURT AT CALCUTTA
Original Jurisdiction
ORIGINAL SIDE
IN THE MATTER OF:
BHARAT PROCESS & MECHANICALS
ENGINEERING LIMITED (IN LIQN.)
Versus
OFFICIAL LIQUIDATOR
BEFORE:
The Hon'ble JUSTICE I. P. MUKERJI
Date: 9th October, 2015 Appearance Mr. Ranjan Deb, Sr. Adv. with Mr. Ratnanko Banerjee, Sr. Adv.
Mrs. Lopita Banerjee, Adv.
Mr. D. Roy Chowdhury, Adv.
Mr. Ahin Chowdhury, Sr. Adv. with Mr. Suddhosatva Banerjee, Adv.
Mr. R. L. Mitra, Adv.
Mr. Vipul Kundalia, Adv. with Ms. Sonal Shah, Adv.
This is an application under Section 466 of the Companies Act, 1956 for revival of Bharat Process & Mechanicals Engineering Limited (in Liquidation).
The applicant is T. Pg. Equity Management Private Limited, the assignee of the decree obtained by UCO Bank, the sole secured creditor, from the Debt Recovery Tribunal. The applicant is supported by the workers union represented by Mr. Ahin Chowdhury, learned Senior Advocate but is opposed by an association of workers, known as the Joint Action Forum represented by Mr. Kundalia, learned Advocate.
It appears that the only substantial assets of the company are mining leases. A Government undertaking OMDC is claiming an interest in those mines adverse to those claimed by the company in liquidation.
None appears for OMDC today. But it appears that this undertaking is the main opponent to the revival scheme propounded by the applicant.
Since it would not be possible to dispose of this matter before Puja vacation, I adjourn the same till the 1st week of December, 2015.
In the meantime, it will be open to the applicant to try to persuade OMDC to withdraw their objection.
(I. P. MUKERJI, J.) AKGoswami