1 IN IN IN THE HIGH COURT OF JUDICATURE OF BOMBAY THE HIGH COURT OF JUDICATURE OF BOMBAY THE HIGH COURT OF JUDICATURE OF BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.71 OF 1995 M/s.B.S.Electrochem. ..Petitioner V/s. Dave Paints Ltd. ..Respondent. None for petitioner. Mr.G.S.Hegde for respondent. WITH COMPANY PETITION NO.220 OF 1995 WITH COMPANY APPLICATION NO.264 OF 1995 WITH COMPANY PETITION NO.221 OF 1995 WITH COMPANY APPLICATION NO.265 OF 1995 WITH COMPANY PETITION NO.222 OF 1995 WITH COMPANY APPLICATION NO.266 OF 1995 WITH COMPANY PETITION NO.223 OF 1995 WITH COMPANY APPLICATION NO.267 OF 1995 WITH COMPANY PETITION NO.224 OF 1995 WITH COMPANY APPLICATION NO.268 OF 1995 WITH COMPANY PETITION NO.228 OF 1995 WITH COMPANY APPLICATION NO.263 OF 1995 WITH COMPANY PETITION NO.229 OF 1995 WITH COMPANY APPLICATION NO.269 OF 1995 WITH COMPANY PETITION NO.323 OF 1995 COMPANY PETITION NO.324 OF 1995 COMPANY PETITION NO.325 OF 1995 M/s.Regency Exports Pvt.Ltd. ..Petitioner V/s. 2 Dave Paints Ltd. ..Respondent. Mr.Amin i/b. B. Amin & Co. for petitioner. Mr.G.S.Hegde for respondent. WITH COMPANY PETITION NO.225 OF 1995 WITH COMPANY APPLICATION NO.270 OF 1995 WITH COMPANY PETITION NO.226 OF 1995 WITH COMPANY APPLICATION NO.271 OF 1995 M/s.J.K.Inds.Pvt.Ltd. ..Petitioner V/s. Dave Paints Ltd. ..Respondent. Mr.Amin i/b. B. Amin & Co. for petitioner. Mr.G.S.Hegde for respondent. WITH COMPANY APPLICATION NO.239 OF 1995 IN COMPANY PETITION NO.182 OF 1995 M/s.B.S.Electrochem. ..Petitioner V/s. Dave Paints Ltd. ..Respondent. Ms.Rupali Thosar i/b. Mulla & Mulla for petitioner. Mr.G.S.Hegde for respondent. WITH COMPANY PETITION NO.276 OF 1995 M/s.K.Mohan & Co.(F) Pvt.Ltd. ..Petitioner V/s. Dave Paints Ltd. ..Respondent. 3 Ms.Shalini Mobhani i/b. Prem Gidwani for petitioner. Mr.G.S.Hegde for respondent. WITH COMPANY PETITION NO.291 OF 1995 M/s.S.I.P.Resins Ltd. ..Petitioner V/s. Dave Paints Ltd. ..Respondent. Mr.S.R.Shriniwas i/b. Puranik & Co. for petitioner. Mr.G.S.Hegde for respondent. WITH COMPANY PETITION NO.402 OF 1995 Trusha Impex Pvt.Ltd. ..Petitioner V/s. Dave Paints Ltd. ..Respondent. Mr.Tapan Deshpande i/b. Amarchand Mangaldas for petitioner. Mr.G.S.Hegde for respondent. WITH COMPANY PETITION NO.432 OF 1995 Raman Publications Ltd. ..Petitioner V/s. Dave Paints Ltd. ..Respondent. None for petitioner. Mr. G.S.Hegde for respondent. WITH COMPANY PETITION NO.444 OF 1995 Avadoot Inds. ..Petitioner 4 V/s. Dave Paints Ltd. ..Respondent. None for petitioner. Mr.G.S.Hegde for respondent. WITH COMPANY PETITION NO.456 OF 1995 Vishant Metal Re-Rolxis Pvt.Ltd. ..Petitioner V/s. Dave Paints Ltd. ..Respondent. Mr.S.Joshi i/b. M.G.Mimani for petitioner. None for respondent. WITH COMPANY PETITION NO.486 OF 1995 Aryavart Chemicals Pvt.Ltd. ..Petitioner V/s. Dave Paints Ltd. ..Respondent. None for petitioner and respondent. WITH COMPANY PETITION NO.599 OF 1995 K.A.Asrani. ..Petitioner V/s. Dave Paints Ltd. ..Respondent. None for petitioner. Mr.G.S.Hegde for respondent. WITH COMPANY PETITION NO.600 OF 1995 Ramesh Reheja. ..Petitioner 5 V/s. Dave Paints Ltd. ..Respondent. None for petitioner. Mr.G.S.Hegde for respondent. WITH COMPANY PETITION NO.602 OF 1995 Prakash Shewak Ramani. ..Petitioner V/s. Dave Paints Ltd. ..Respondent. None for petitioner. Mr.G.S.Hegde for respondent. WITH COMPANY PETITION NO.603 OF 1995 Smt. Rani Raheja. ..Petitioner V/s. Dave Paints Ltd. ..Respondent. None for petitioner. Mr.G.S.Hegde for respondent. WITH COMPANY PETITION NO.616 OF 1995 E.Merck (I) Ltd. ..Petitioner V/s. Dave Paints Ltd. ..Respondent. Ms.Priti Bakalkar i/b. Cr.Bayley & Co. for petitioner. None for respondent. WITH 6 COMPANY PETITION NO.94 OF 1996 Laffans Petrochemicals Ltd. ..Petitioner V/s. Dave Paints Ltd. ..Respondent. None for petitioner. Mr.G.S.Hegde for respondent. WITH COMPANY PETITION NO.666 OF 1996 M/s. Jayant Oil Products Pvt.Ltd. ..Petitioner V/s. Dave Paints Ltd. ..Respondent. None for petitioner. Mr.G.S.Hegde for respondent. WITH COMPANY PETITION NO.546 OF 2006 Shri C.S.Venugopal & Ors. ..Petitioners. V/s. Dave Paints Ltd. ..Respondent. None for petitioner and respondent. CORAM: CORAM: CORAM: A.M.KHANWILKAR,J A.M.KHANWILKAR,J A.M.KHANWILKAR,J DATE DATE DATE : OCTOBER 23, 2008. : OCTOBER 23, 2008. : OCTOBER 23, 2008. P.C. P.C. P.C. : : : 1. All these Petitions can be disposed of by this common order. It is not in dispute that BIFR has propounded revival scheme in relation to the Respondent company. There is nothing on record to 7 indicate that any of the Petitioners before this Court have questioned the correctness of the said scheme before the appropriate forum. In that sense, the scheme would bind all the Petitioners before this Court. In view of the scheme propounded by the Board, the original cause of action on the basis of which, present Petition has been instituted is no more available. Whereas if the Petitioners have any grievance about non-compliance of any part of the scheme, they will have to approach the Board in relation to that matter for appropriate directions against the Respondent company. Indeed, it will be open to the Petitioners to invoke jurisdiction of the Company Court on the basis of fresh cause of action of non-payment of amount either principal or interest component thereof, as determined by the scheme, payable by the Respondent as cause for winding up of the Respondent-company. If such proceeding is taken out the same will be decided on its own merits in accordance with the law. 3. I am informed that out of the present Petitions, 9 Petitioners namely in Company Petition Nos.444/95,486/95, 599/95, 600/95, 602/95, 603/95, 616/95, 94/96 & 666/96 have already accepted the amount towards full and final settlement as per the scheme of BIFR. In those Petitions, in any case 8 nothing survives for consideration. 4. In any case, in view of the observations made herein before, no other enquiry is possible in the present Petition. The same are disposed of leaving option of filing of appropriate proceeding before BIFR for necessary direction against the Respondent company with regard to the non-compliance of the scheme formulated by the BIFR qua concerned Petitioners or for that matter filing of Company Petition before this Court praying for winding up of the Respondent company on account of non-payment of amount payable under the scheme on the assertion that the company is unable to pay its debt. Those matters will be considered on its own merits in accordance with the law. All Petitions are disposed of on the above terms. 5. Counsel for the Respondent has invited my attention to the fact that there are 8 other company petitions pending against the respondent company in this court which have not been listed today. 6. Office is directed to place all the left out 8 Petitions tomorrow under caption "direction". (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)