Case under bifr
Rohit Chauhan
(Querist) 24 July 2013
This query is : Open
Dear Sir/Ma'am
I need your Valuable help in the case in the message.
I want to know the provisions applicable in the case, any decided case laws and guidelines/instructions and provisions for preparing the documents for both the parties to the case.
IN THE MATTER OF:
SH. RAMCHANDRESHWAR RAMANUJAM RAJINDER
VERSUS
M/S JHINGAROOO INDUSTRIES PVT. LTD.
M/s JHINGAROOO Industries Pvt. Ltd. (the Company) is a company incorporated in India having its Registered office at New Delhi. The Company is engaged in the manufacturing of Tyres and other rubber products and have its production units in State of Haryana and also State of Uttar Pradesh.
The company recorded a peak annual turnover of Rs 13500 Lacks in 2008‐ 09 and net worth at Rs 5000 Lacks. To cope up with competition from overseas players such as low cost supplies from China M/s Jhingarooo took large secured loans for up gradation of its plant and machinery from
various scheduled banks in India however due to stiff competition the company continued to incur loses so much so that it suffered huge losses in the financial year 2011‐ 2012 and reported its worst
turnover of just Rs 1350 Lacks and its net worth dipped to 2495 Lacks. The company in the tough times failed to pay its debts a consequently one of its unsecured creditor approached the Hon’ble High Court of Delhi for winding up of the company under the provisions of the Companies Act, 1956. The company also realising the fact that it may not be able to stand the times ahead,
approached the Hon’ble High Court of the Delhi for its winding up against the will of its share holder Sh. Ramchandreshwar Ramanujam Rajinder citing that he has no say in the functioning of the company since he only holds one share of the company. Sh. Ramchandreshwar Ramanujam
Rajinder decided to file an Application on the ground that the company petition for winding up is not maintainable in view of the provisions of Sick Industrial Companies (Special Provisions) Act,
1985 and the company ought to have filed for rehabilitation of the company in terms of the provisions of the said act. In the meantime on the basis of the media reports appeared in leading news papers the Board took suo moto note of the sickness of the company and order inquiry into the sickness of the company and appointed an operating agency on 31.12.2012.
That on the other hand the company bench of the Hon’ble High Court after finally hearing the matter on 23.01.2013 came to a conclusion that there is infact no scope for the revival of the company and ordered for the winding up of the company in accordance with the provisions of the
Companies Act, 1956.
Aggrieved by the said order of the Hon’ble High Court of Delhi Sh. Ramchandreshwar Ramanujam Rajinder, preferred an appeal against the said order.
