1 board for industrial and financial reconstruction bench iii case no ...

Case No.93/1987
M/s Alluminium Industries Ltd
requ ired to be u n derta ken a ga in s t th e Com pa n y u n der s ection 24 of
SICA for m is fea s a n ce, m a lfea s a n ce, brea ch of tru s t on th e ba s is of
com pla in ts filed by workers u n ion a n d oth ers , a n d s u bm it its report
to the Board within 6 weeks.
(viii) Th e Boa rd will a p poin t 3 profes s ion a l directors for th e Com pa n y,
(ix)
wh o
will a ls o exa m in e a ll th e fa cts a n d circu m s ta n ces of th e ca s e
a n d s u bm it th eir report to th e Boa rd for ea rly reviva l of th e Com pa n y
within 2 months.
Th e Opera tin g Agen cy s h a ll exa m in e a n y Dra ft Reh a bilita tion Sch em e
proposal in respect of 5 units except Hirkund division and submit the
same to the Board for further necessary action in due course.
8.3 Th e Boa rd vide order da ted 24.9.08 is s u ed a corrigen du m to th e
proceedings of the hearing held on 10.7.08.
9. In th e h ea rin g h eld on 21.4.09, th e Ben ch is s u ed th e followin g
directions :-
(i) Th e com pa n y s h a ll s u bm it a fu lly tied u p DRS a fter obta in in g th e
con s en t of th e s ecu red creditors for OTS to Sta te Ba n k of
Tra va n core (SBT)(OA) with in a period of 3 m on th s a s u n derta ken
by th e com pa n y in th e h ea rin g toda y. Th e com pa n y a n d its
prom oters a re pu t on n otice th a t u n les s a fu lly tied u p DRS is
received by th e Boa rd with in th ree m on th s , th e Ben ch m a y
exa m in e oth er option s u n der SICA in clu din g ch a n ge of
m a n a gem en t in th e n ext h ea rin g a s th e referen ce of th e com pa n y
has been pending with BIFR since 1987.
(ii) M/ s . Pridh vi As s et Recon s tru ction a n d Secu ritiza tion Co. Ltd.
(PARAS) s h ou ld s en d a copy of th eir im plea dm en t a pplica tion
da ted 28.11.2008 to th e com pa n y u n der copy to th e OA (SBT)
with in a period of 15 da ys . Th e com p a n y m a y file th eir rejoin der
with in a n oth er 15 da ys u n der copy to th e OA (SBT) a n d PARAS.
The company should specifically state their legal objections, if any,
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