BIFR on 5 th November 1998. By an
order dated 25th April 2001, the said BIFR decided the said proposal and
recommended winding ... date
of recommendation of the winding up by the BIFR, the winding up
proceedings commences.
34. Learned counsel for the Official Liquidator placed reliance
winding up. On the basis of such recommendation by the BIFR, winding up proceeding commenced before the learned Company Judge of this Court. The final ... recommendation of BIFR, the BIFR continues to remain the custodian of the assets of the company in liquidation, till a winding up order is passed
passed therein did not affect the
subsequent order passed by the BIFR for winding up of the
company.
11. The learned Single Judge held that ... 2010]
2007 was passed by the BIFR for winding up, the
question of revival of scheme does not arise. It goes
with the subsequent orders
DATED 15.10.2003, OF THE BIFR.
EXT.P3- TRUE COPY OF THE ORDER DATED 27.9.2004 OF THE BIFR,
RECOMMENDING WINDING UP OF THE PETITIONER COMPANY ... BIFR
recommended winding up, but before a winding up order was passed.
The Hon'ble Supreme Court declared that till a winding up order
Companies Act, to approve a scheme, after the
recommendation of the BIFR for winding up of the company had been forwarded to the High
Court ... execution of deed of conveyance
for sale after the recommendation of BIFR for winding up of the sick company was forwarded to
the High Court
BIFR for
fresh consideration on the revival of the closed units of FCIL. BIFR, upon
3
receiving the reference, directed the winding up of FCIL ... BIFR after
eroding its net worth and became a `sick company". The
accused persons also suppressed the fact that BIFR was
considering winding
BIFR for being registered as a sick company and was so declared on 21st
November, 1989. The BIFR had recommended the winding ... these options fail and the public interest so
requires, the BIFR may recommend winding up of the sick industrial company.
So long as the scheme
petition for the winding up.
In a case, however, where winding-up
proceedings are initiated in terms of
recommendations made by BIFR or AAIFR ... BIFR to opine :-
"69. BIFR admittedly had the power to sell the
assets of the Company but the High Court until a
winding
BIFR) under Section 15(1) of Sick Industrial
Companies (Special Provisions) Act, 1985 (for short, ‘SICA’). On 1.9.1993,
BIFR passed an order for winding ... petition for winding
up. In the present case, the winding up of the Company has begun with the
order dated 01.09.1993 whereby BIFR recommended winding
revived.
Before BIFR some of the parties pleaded that the Company should not
be wound up but BIFR decided to recommend winding ... petition for the
winding up. In a case, however, where winding up proceedings are initiated
in terms of recommendations made by BIFR or AAIFR
