: 1 : IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.32 OF 2009 IN COMPANY PETITION NO.757 OF 2004 IN B.I.F.R. NO.232 OF 1999 M/s.Asahi Fibres Ltd. ....Applicant V/s. BIFR ....Respondents Mr.Prateek Sakseria with Mr.Dhirendra Sinha and Mr.Arpan Sarkar i/b Paras Kuhad & Associates for the Applicant. Mr.S. Ramakantha, Deputy Official Liquidator present. CORAM : S.J. VAZIFDAR, J. DATED : 21ST MARCH, 2009. P.C. : 1. This is an application by the company to dismiss the winding up Petition and to set-aside an order dated 10.6.2004 admitting the Company Petition and an order dated 15.10.2008 appointing a Provisional Liquidator. 2. By a recommendation dated 11.11.2002, the B.I.F.R. recommended that the company be wound up. In December, 2002, the company filed an appeal before the A.A.I.F.R. 3. Pursuant to the recommendation dated : 2 : 11.11.2002, winding up proceedings were initiated by this Court in January,2004 which was treated as a winding up petition and was admitted by the said order dated 10.6.2004. 4. The subsequent facts are important in respect of the above application. On 10.1.2005, the management of the Company changed. What is important to note however is that by an order dated 28.11.2005, the A.A.I.F.R. set-aside the order dated 11.11.2002 passed by the B.I.F.R. recommending the winding up. 5. Thus in view of the appeal having been registered and pending before the A.A.I.F.R. in December, 2002, the winding up proceeding could not have been initiated. Further in view of the order dated 28.11.2005 in any event the basis of the winding up has ceased to exist in that the order dated 11.11.2002 recommending winding up had been set-aside. It is further important to note that by an order dated 2.1.2008, the A.A.I.F.R. declared that the company was no longer a sick company. 6. In view of the above facts, in any event,the order dated 15.10.2008 appointing a Provisional Liquidator must also be set-aside. : 3 : 7. In the circumstances, the Company Application is made absolute in terms of prayers (a),(b) and (c). However, the order shall come into effect only upon the company paying to the Provisional Liquidator a sum of Rs.25,000/- incurred by the Official Liquidator towards the advertisement expenses and further a sum of Rs.5000/- as miscellaneous expenses. The said amount shall be credited to the common pool fund.