CO PET 33/2000 [1] IN THE HIGH COURT OF JUDICATURE FOR RAJASTHAN AT JAIPUR BENCH S.B. Civil Company Petition No.33/2000 M/s. Janpriya Cement Ltd. DATE OF ORDER : 11/03/2010 HON'BLE MR. JUSTICE AJAY RASTOGI Mr. A.K. Sharma, for petitioner Mr. Vijay Jangid for ] Mr. G.K. Garg ] for respondents Mr. Virendra Lodha ] Mr. O.P. Misra, O.L. *** Initially an inquiry u/s.16 of Sick Industrial Companies [Special Provisions] Act, 1985 was conducted by the Board for Industrial & Financial Reconstruction [“BIFR”] into the affairs of petitioner Company and after hearing all the financial institutions, BIFR came to the conclusion that petitioner company was not likely to make its net worth exceeding its accumulated loses while meeting all its financial obligations. As a result thereof, the petitioner company is not likely to become viable in future and hence it is just, equitable and in public interest that it should be wound up u/s.20(1) of the Act, 1985 and the matter was forwarded to this Court for necessary action. Notices were issued by the Court on 31st August, 2000 to the Company M/s. Janpriya Cements Limited and the Official Liquidator attached to this Court and so also the secured creditors, CO PET 33/2000 [2] namely; Bank of Rajasthan Limited, Jaipur, IDBI, Mumbai, ICICI, Mumbai, IFCI, New Delhi, ESIC, New Delhi and the Central Provident Fund Commissioner, New Delhi as to why the order for winding up may not be passed u/s.20(2) of the Act. Pending proceedings, misc. applications were also filed by the Company and so also by O.L. At this stage, the Company has filed application u/s.443 of the Companies Act pointing out that they have obtained no objection certificate from all the financial institutions and so also from the O.L., Ajmer Vidhyut Vitran Nigam, ESI Corporation, & Employees Provident Fund and this has been averred in Para 3 of the present application that NOC of Bank of Rajasthan has been placed on record as Ann.A/1 dt.16th July, 2002. The dues of ICICI Bank, New Delhi were also cleared and NOC has been furnished as evident from Ann.A/2 dt.19th September, 2003. The dues of IDBI have also been settled and NOC dt.20th January, 2004 [Ann.A/3] has been placed on record. At the same time, dues of Employees' Provident Fund have been cleared as evident from documents dt.10th February, 2004 [Ann.A/5] & dt.20th February, 2004 [Ann.A/6] respectively. The dues of workers/employees were also meted out, as evident from Ann.A/9 dt.5th February, 2002. The dues of ESI department have also been cleared as evident from document dt.15th March, 2007 [Ann.A/11]. However, dues of Ajmer Vidhyut Vitran CO PET 33/2000 [3] Nigam Ltd. have also been cleared as evident from document dt.5th April, 2007 [Ann.A/12]. However, at one time O.L. has also filed application to claim expenses having been incurred providing security during the intervening period. Their expenses have also been meted out and against which Rs.3 lacs has been paid to the O.L. and this has not been disputed by Counsel for O.L. as well. Taking note thereof, since dues of secured creditors have been meted out, no purpose is going to serve in continuing the proceedings initiated by this Court vide order dt.26th July, 2002. None of the respondents represented by respective Counsel have any objection for recalling the order dt.26/07/2002. Accordingly, order dt.26th July, 2002 stands recalled. The Official Liquidator is directed to hand over the possession of the company to their authorized representative after complying with the formalities required under law. Consequently, company petition in the above terms referred to supra stands disposed of. [AJAY RASTOGI], J. FRBOHRA33COPET2000 11-03.doc