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19. Mr. R.M. Desai, learned advocate appearing for IDBI has submitted that though the scheme was proposed way back in 1997, the said scheme has still not been sanctioned or implemented. The BIFR as well as AAIFR have not accepted the scheme. The scheme was under active consideration of the Secured Creditors as well as other workers Union. As observed earlier, the revival was proposed by shifting the weaving machinery valued at about Rs. 50 Lakhs to the Saraspur premises. The land and building of Nicole unit and balance machinery was being sold and the sale is already confirmed by this Court for a total consideration of Rs. 8,84,20,711/-. The sale proceeds are proposed to be utilized mainly for part payment of the dues of the secured creditors and workers and to a small extent for the start up expenses (not exceeding Rs. 50 Lakhs) to be incurred in restarting the Mill. This Court has required the IDBI to undertake the exercise for sale of assets of the Company and the IDBI jointly along with representatives of the Secured Creditors (UCO Bank and IIBI), Official Liquidator and also representative of the Union of workers had invited offers for sale of the properties, namely immovable property and movable properties. The IDBI also invited offers for sale of the plant and machinery, which are not required for the purpose of implementation of the scheme as proposed by Kamdar Ladat Samiti and the building at Nicole Unit. The offers were received by IDBI and the same was submitted to this Court for approval. This Court vide its order dated 08.02.2002 passed in Company Application No. 22 of 2002 was pleased to accept the offer of Shree Charbhujaji Scrap Trading Company for sale of building of Nicole unit and plant and machinery at Rs. 70,21,111/- (Excluding plant and machinery, which were belonging to private parties and the machinery as identified by Kamdar Ladat Samiti, which are not to be sold as being required for the purpose of implementation of the Scheme). He has further submitted that the workers proposed to revive the unit and they proposed to re-employ themselves after arriving at a ratio as per the provisions of Section 529 of the Act, Secured Creditors initially have agreed to pay 50% of the sales realisation to the workers as a special case in view of the scheme framed by Kamdar Ladat Samiti. However, it is clearly understood that Secured Creditors would not have any responsibility for running the affairs of the Company. It was also made clear that on the plant and machinery which will be utilised by the Kamdar Ladat Samiti and/or Co-operative Society formed by Kamdar Ladat Samiti, the charge of the secured creditors will continue on the said plant and machinery. If the scheme fails and if in the opinion of IDBI, the scheme is not working, it will be open to IDBI along with IIBI and UCO Bank to proceed for sale of the hypothecated assets and the sale proceeds be distributed between the secured creditors and workers on paripassu basis for which Kamdar Ladat Samiti shall not have any objection.