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

Case No. 501/1997M/a Hindustan Antibiotics Ltd2.3 Th e repres en ta tive of Ba n k of Ma h a ra s h tra s ta ted th a t th e Ba n k h a da lrea dy s a crificed n ea rly Rs .4.00 crores a n d th e a ccou n ts of th e com pa n yis NPA, as the company is not paying dues.2.4 The representative of Vijaya Bank stated that the Bank are extendingLC a n d workin g Ca pita l fa cility a n d th e a ccou n t is regu la r. On a qu eryfrom Ben ch a bou t th e tota l credit a va iled by th e com pa n y, th erepres en ta tive of Vija ya Ba n k s ta ted th a t th e Ba n k h a s exten ded credit ofRs.17.00 crores.2.5 Th e repres en ta tive of UCO Ba n k s ta ted th a t th e Ba n k h a s a lrea dya va iled (02) two perm is s ible rollover a n d th e la s t da te of pa ym en t is05.03.2011. Th e tota l ou ts ta n din g du es a ga in s t th e com pa n y a m ou n ts toRs.20.00 crores.2.6 Th e Ben ch th en took Mis c. Applica tion No.673/ 2011 for h ea rin g.Th e Ben ch observed th a t th ere wa s n o on e pres en t in toda y s h ea rin g fromEPFO. Th e represen ta tive of th e com pa n y s ta ted th a t th e com pa n y iss eekin g wa iver of da m a ges from EPFO a n d th e com pan y h a s a lrea dyforwa rded copy of Mis c. Applica tion a n d a ls o la s t SOP. Th e represen ta tiveof th e com pa n y a dded th a t a s per s a n ction ed s ch em e, th e com pa n y s ou gh twa iver of Rs .11.00 crores towa rds da m a ges , h owever, EPFO h a d on lywa ived Rs .8.00 crores . On en qu iry from EPFO it wa s lea rn t th a t a s perth eir policy th a n ca n n ot give wa iver of ba la n ce Rs .3.00 cropres . On aqu ery from Ben ch a bou t th e proof s ervice, th e repres en ta tive of th ecom pa n y s ta ted th a t th e Applica tion a n d SOP were given by h a n d in th eoffice of EPFO a n d s h own th e proof s ervice. He a ls o a ppris ed th e Ben chth a t th ey h a d a ls o teleph on ica lly in form ed th e con cern ed a u th ority a bou tth is h ea rin g. Th e Ben ch observed th a t a la s t opportu n ity b e given to EPFOto file their written submission within a period two weeks.2.7 Th e Ben ch th en took Mis c. Applica tion (No.756/ 2011) filed by Sa lesTa x Depa rtm en t (STD), Sta te of Ma h a ra s h tra , for h ea rin g. Th e ld a dvoca terepres en tin g Sa les Ta x Depa rtm en t s ta ted th a t th e tota l ou ts ta n din g du es7