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Greaves Fesesco Ltd. vs Ratlam Ispat Ltd. (In Liquidation) on 15 July, 1993 cites

Ratlam Ispat Ltd. vs Greaves Feseco Ltd. on 10 May, 1991

The said order for winding up was challenged in appeal before the Division Bench. The said appeal was admitted and the operation of the winding up order was stayed. It only meant that the winding up order was held in abeyance, but it did not put an end to the winding up proceedings which had been instituted on March 31, 1989, or the recommendations of the BIFR which had been received in this court and were pending consideration since June 23, 1988. The said appeal was finally disposed of, vide order dated May 10, 1991 [See Ratlam Ispat Ltd. v. Greaves Feseco Ltd. [1991] 72 Comp Case 548 (Delhi)], whereby the only change introduced was at the instance of the applicant that the winding up order should have been passed under section 20(c) of the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as "the SICA"), because if an order had been passed under the provision then under sub-section (3) of section 20 of that Act this court would appoint an officer of the operating agency if the operating agency gives its consent to act as liquidator of the sick industrial company. If such an appointment is made the officer shall be deemed to be and have all the powers of the official liquidator under the Companies Act. The Division Bench further recorded that "the sick industrial company, i.e., the appellant had to be wound up but now it would be taken that the appellant company has been wound up under section 20 of the aforesaid Act and the company judge shall proceed as if the company has been wound up under section 20". Thus in effect, the winding up was allowed to continue and the order of winding up was modified only to the extent that the company judge was directed to proceed in accordance with section 20 of the SICA. The winding up has to take place in accordance with the provisions of the Companies Act.
Delhi High Court Cites 4 - Cited by 3 - A Kumar - Full Document
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