1 IN THE HIGH COURT OF JUDICATURE OF BOMBAY IN THE HIGH COURT OF JUDICATURE OF BOMBAY IN THE HIGH COURT OF JUDICATURE OF BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.364 OF 2003 The BIFR V/s. M/s.Shobha Silk Mills Pvt.Ltd. CORAM: A.M.KHANWILKAR,J CORAM: A.M.KHANWILKAR,J CORAM: A.M.KHANWILKAR,J DATE : FEBRUARY 14, 2008. DATE : FEBRUARY 14, 2008. DATE : FEBRUARY 14, 2008. P.C. : P.C. : P.C. : 1. Inspite of service none appears for the Respondent. No reply has been filed. Having perused the report of the AAIFR dated 17th June, 2002 and the materials accompanied thereto, I have no hesitation in accepting the opinion of the BIFR that the Respondent company deserves to be wound up in public interest, as the net worth of the company is completely eroded. There is nothing on record to indicate that the opinion so recorded by the BIFR has been overturned by the appellate authority. Going by the opinion recorded by the BIFR that the Company had already been declared sick on 29th March, 1995 and scheme of rehabilitation was sanctioned on 16th December, 1998. However, defaults have been committed in payment even in terms of the said scheme, the Company failed to submit audited accounts 2 and progress report. As a result, the Bench declared a scheme on 6th March, 2002, neither the Company nor co-promotors furnished any undertaking to make good shortfalls and deposit. Taking totality of the circumstances into account, the Bench reiterated its earlier conclusion that despite allowing adequate time and opportunity to the company/promoters and exploring other possible avenues, it was not possible to work out any acceptable revival scheme which would enable the Company to turn its networth positive within reasonable time while discharging all its due financial obligations. As a result, the Bench has justly recommended winding up of the Respondent company. 2. As aforesaid, I am in complete agreement with the opinion of the BIFR. In the circumstances, I have no hesitation in directing that the Respondent company be wound up with immediate effect. The Official Liquidator shall take over possession of the assets and properties and affairs of the Respondent company in terms of this order and discharge all duties in accordance with the law. 3. Petition disposed of on the above terms. 3 (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J) (A.M.KHANWILKAR,J)