1 BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION ...

Case No. 149/1994 : M/s JK Jute Mills Ltd1.14 In th e h ea rin g h eld on 15.9.2009, th e Ben ch is s u ed th e followin gdirections:-(i) In com plia n ce with th e direction s of Hon ble AAIFR, th e Ben chappoints IDBI as the Operating Agency in place of PNB.(ii) Th e repres en ta tive of IDBI (OA) will a tten d th e n ext h ea rin g of th ecom pa n y s ca s e. PNB s h a ll a ls o a tten d th e n ext h ea rin g. A copy ofthese proceedings shall be sent to IDBI(ii) The next hearing of the case will be held on 5.11.2009.However, the hearing scheduled for 5.11.2009 was postponed.1.15 J K J u te Mills Tra de Un ion Sa n yu kta Morch a filed a W.P. No.32854/ 2010 before Hon ble High Cou rt of Alla h a ba d a ga in s t th e Hon bleAAIFR s order dt. 26.8.2009 a n d Hon ble High Cou rt of Alla h a ba d videorder dated 28.5.2010 directed that until further orders of the Hon ble HighCou rt, th e opera tion of th e im pu gn ed order dt. 26.8.2009 of AAIFR shallrem a in s ta yed in s o fa r a s it directs for s a le of th e s u rplu s a s s ets of th ecompany M/s J.K. Jute Mills Ltd.1.16 Th e com pa n y filed a n a ppea l No. 186/ 2009 before Hon ble AAIFRa ga in s t th e Boa rd s order da ted 20.7.2009. Hon b le AAIFR vide order da ted16.7.2010 had issued following directions :-S ince th e parties to the appeal h ave no objection to th e s tay of th eoperation of the im pugned ord er an d are oppos ed to the s tay of furtherproceed ings before th e BIFR, it is d irected th at in m od ification of th ein terim s tay ord er d t. 18.9.2009 gran ted by th is Au th ority , th at furth erproceed ings before th e BIFR w ill con tin ue in view of th e ord er of th isAu thority d ated 26.8.2009 pas s ed in Appeal No. 64/ 2009 s ubject tos tay ord er gran ted by th e Hon ble High Court of Allah abad an d th eoperation of the im pugned ord er d t. 20.7.2009 d irectin g is s ue of S CNund er S ection s 33 and 34 of S ICA as w ell as S CN for w ind ing up ofth e com pan y und er s ection 20 of S ICA s h all rem ain s tay ed untilfurther ord ers . The BIFR s h all be free to proceed further in th ereference cas e in view of th e ord er pas s ed by th is Au thority on7