Karnataka High Court
M/S Taurus Novelties Limited vs Umesh Chandra Dalai C S on 16 June, 2022
Author: Suraj Govindaraj
Bench: Suraj Govindaraj
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COP No. 187 of 2011
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
DATED THIS THE 16TH DAY OF JUNE, 2022
BEFORE
THE HON'BLE MR JUSTICE SURAJ GOVINDARAJ
COMPANY PETITION NO. 187 OF 2011
BETWEEN:
M/S TAURUS NOVELTIES LIMITED
CANARA BANK (OA)
IDBI
...PETITIONER
(CENTRAL GOVERNMENT COUNSEL-ABSENT)
AND:
UMESH CHANDRA DALAI, CS
RAVI KUMAR, DIV. MANAGER
SAI KUMAR, MANAGER
RAMESH HARIT, AGM
...RESPONDENT
(BY SRI. T.P. MUTTANNA, ADVOCATE FOR CANARA BANK KIDBI;
SRI. RAGHURAM CADAMBI, ADVOCATE)
THIS COMPANY PETITION IS FILED UNDER SECTION 20(1) OF
SIC ACT, 1985, PRAYING TO WOUND UP THE RESPONDENT
COMPANY.
Digitally signed by THIS COMPANY PETITION COMING ON FOR HEARING, THIS
POORNIMA
SHIVANNA
Location: HIGH
DAY, THE COURT MADE THE FOLLOWING:
COURT OF
KARNATAKA
ORDER
1. The above proceedings have been initiated in pursuance of the request sent by the Registrar, Board of Industries and Financial Reconstruction (BIFR) dated 1.8.2011 received by this Court. The Registrar has stated that -2- COP No. 187 of 2011 upon an enquiry being conducted under Section 16 of the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as 'SICA'), the BIFR was of the opinion that the company be wound up.
2. Pursuant thereto, when the matter was taken up before this Court, the company had sought for accommodation to try and resolve the issues and revive the company and as such, this Court had accorded accommodation from time to time to enable the company to do so.
3. Today, Sri.Raghuram Cadambi, learned counsel appearing for the company would submit that despite the best efforts made by the said company, no resolution has occurred and the erstwhile management has not been able to revive the company.
4. Sri.T.P.Muthanna, learned counsel who appears for the secured creditor, viz., Canara Bank and IDBI submits that the company is not capable of being revived and the company be wound up.
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5. Accepting the submissions made by both the counsels, I pass the following:
ORDER i. The reference made by the BIFR is allowed; ii. M/s Torus Novelities Limited having its registered office at No.2, I Cross, Sudhamanagar, Lalbagh road, Bangalore 560027, registered with the Registrar of Companies, Karnataka, is directed to be wound up;
iii. The Official Liquidator attached to this Court is appointed as Liquidator of the company; iv. The Official Liquidator to take such steps as are necessary for liquidation of the company. v. The petition stands disposed of.
Sd/-
JUDGE ln