JUDGMENT :

Ravi Krishan Kapur, J.

1. This is an application for recalling of an order dated 16 January, 2017 inter alia directing winding up of Bells Control Limited and consequential directions for the Official Liquidator to take possession of the assets of the company.

2. Briefly, in or about 2003 the company had made a reference before the Board of Industrial and Financial Reconstruction (BIFR) which subsequently formed an opinion under section 20 (4) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) that the company be wound up. The relevant portion of the order dated 16 May, 2007 is as follows:

After considering the submissions made and the material on record, the Bench observed that this case is pending with the Board for the last four years and there is no fully tied up rehabilitation proposal available before the Board for consideration even after issue of show cause notice for winding up of the company. Even today when the Board heard the objections/suggestions on the winding up notice dated 2.3.2007, the company did not deposit 25% of the promoters contribution towards the cost of rehabilitation and has not been able to come forward with a fully tied up r