CP No. 30 of 2010 [1] IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH CP No. 30 of 2010 Date of Decision:12.7.2010 Shri K.L. Jain .....Petitioner Versus M/s Arihant Cotsyn Limited (In liquidation) .......Respondent CORAM: HON'BLE MR. JUSTICE HEMANT GUPTA Present: Shri A.S. Narang, Advocate, for the petitioner. Shri Anand Chhibbar, Advocate, for IFCI. Ms. Jai Shree Thakur, Advocate, for Standard Chartered Bank. Shri Manish Jain, Advocate, for IDBI-Bank. HEMANT GUPTA, J (Oral). The present petition has been filed by a former Managing Director, a share holder and contributory in the respondent-Company seeking revival of the Company under Section 391 of the Companies Act, 1956. In the petition, the petitioner claims that he can bring in a strategic investor, who shall invest a sum of Rs.6 crores for resurrecting the damaged machinery and the required working capital. In the second phase, it is proposed that 7920 cotton spindles and 9060 spindles in the EOU cotton spinning unit would be installed. The petitioner claims that a meeting of creditors be convened to consider the scheme of revival so that the Company can be made a running and viable option. CP No. 30 of 2010 [2] The secured creditors such as IFCI represented by Shri Anand Chhibbar, Advocate; Standard Chartered Bank, represented by Ms. Jai Shree Thakur, Advocate, and IDBI Bank, represented by Shri Manish Jain, Advocate, oppose such scheme of revival. The petitioner has sought revival of the Company without disclosing any strategic investor. It is a wishful thinking of the petitioner to revive the Company without any proposal of investor. At this stage, I do not find that the scheme of revival has any possibility of giving effect to unless the petitioner brings an investor who can put in sufficient amount of money to run the Company in a viable manner and also satisfy the secured and unsecured creditors. Accordingly, the present petition is disposed of with liberty to the petitioner to move fresh petition after giving proposal, which is workable and acceptable to the stakeholders. [ HEMANT GUPTA ] JUDGE 12-07-2010 ds