case no. 501/1997 - Board for Industrial & Financial Reconstruction

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Case No. 501/1997M/a Hindustan Antibiotics LtdIDBI a s th e m on itorin g a gen cy (MA) to m on itor th e progres s th eimplementation of SS-07.(ii) As per the profitability/ viability projected in the SS-07, the companywa s expected to a ch ieve n et tu rn over of Rs 151 crore in 2008-09 a n d ea rnnet profit of Rs. 8.64 Crore. The net worth of the company was expected tobecom e pos itive in th e firs t yea r its elf a n d a ccu m u la ted los s es wou ld bewiped out in the year 2008-09.1.2 Fu rth er h ea rin gs in th e ca s e were h eld on 3.1 2.2009(MA),21.12.09(MA), 23.9.2010, 4.2.2011(MA), 7.3.2011(MA), 23.3.2011,2.5.2011(MA), 7.6.2011(MA), 23.6.2011(MA), 2.8.2011(MA), 10.8.2011(MA).Th e Ben ch vide order dt. 22.06.09 a pproved th e de-lin kin g of KAPL fromHAL to en a ble Deptt. of Ph a rm a ceu tica ls , M/ o Ch em ica ls & Fertilizers ,Govern m en t of In d ia to tra n s fer equ ity h eld by HAL in KAPL to th ePresident of India.1.3 In th e h ea rin g h eld on 23.3.2011, th e Ben ch observed th a t thecom pa n y a n d Ba n k of Ma h a ra s h tra (BoM) h a s to follow wh a t is a pprovedin th e SS-07. Th e Ben ch a ls o obs erved from th e SS-07 th a t a ll th eu n s ecu red creditors in clu din g th e Cen tra l Ra ilwa y to a ccept a m ou n t a spropos ed in th e DRS a t a ctu a l ou ts ta n din g a s on 31.03.2006 a n d com pa n yto pa y th e a m ou n t a ccordin gly. Ha vin g con s idered th e s u bm is s ion s m a deand material on record, the Bench issued the following directions:-a) Th e com pa n y to file m odified s ch em e in corpora tin g th e m eth ods ofpayment to be m a de to th e workers a n d th e im pact of th e Govt. loa nof Rs 30.17 crore on the projected profitability of the company, to theMA (IDBI), within a period of 4 weeks with a copy to the Board.b) On receipt of th e MDRS from th e com pa n y, MA (IDBI) to s cru tinizeth e s a m e a n d offer its views on th e MDRS with in fu rth er period of 2weeks.c) The company and representative of ESIC to reconcile the dues.d) Th e com pa n y to ta ke a con s idered view on th e s a le of a s s ets du lyrecom m en ded by ASC oth erwis e th e Ben ch m a y con s tra in ed to ta ke2
Case No. 501/1997M/a Hindustan Antibiotics Ltda ction a ga in s t th e CMD of th e com pa n y for viola tin g th e gu idelin es ofBIFR for sale of assets.e) The Bench also directed that the Secretary of the Board to call for theremarks of Special Director how he has taken divergent views in ASCand in the Board.1.4 Mis s Meen a R. Sh a rm a , Advoca te on beh a lf of M/ S ElloraIn fra s tru ctu re Pvt. Ltd. filed a Mis c. Applica tion No. 668 pra yin g th eBoard:-a. To direct th e Res pon den ts to s ell Plot No. P4, P5 & P6 a s per th e bidm a de by th em on 23.12.2010 a n d to s ign a n d execu te th e n eces s a ryDeed of Conveyance/Documents.b. To direct to ca ll for th e record pa per a n d proceedin gs of th e pres en tca s e a n d a fter goin g in to th e lega lity a n d propriety th ereof be plea s edto qu a s h a n d/ or s et a s ide th e im pu gn ed decis ion a s recorded in th e1 st Res pon den t s letter da ted 26.4.2011.c. To is s u e order of proh ibition or a n y oth er a ppropria te order ordirection proh ibitin g th e Res pon den ts from in vitin g a n d/ or offerin gth e s a id plot of la n d m en tion ed in th e ten der docu m en t to a n y oth er3 rd party.d. To direct th a t pen din g th e h ea rin g a n d fin a l dis p os a l of th e s a id MA,th e Res pon den ts by th em s elves , th eir serva n ts , a gen ts a n ds u bordin a te officers be res tra in ed from in vitin g a n y fu rth er offer oris s u in g ten der for s a le of th e s a id plot of la n d s itu a ted a t Pim pri,Wa grere, Pu n e, wh ich form s th e s u bject m a tter of th e ten der n oticeda ted 1.11.2010 a n d refer to a s s a id plot bea rin g No.P4, P5 a n d P6therein, to any other 3 rd pa rty or crea tin g a n y 3 rd pa rty righ t, in teres tover the said property.e. To call for record and proceedings of MA No.413 of 2011.f. Ad interim relief in terms of prayer clause (a) and (b) and (c) above begranted in favour of applicants.g. To provide for cost of this application.3
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case no. 501/1997 - Board for Industrial & Financial Reconstruction

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