( 1 ) THIS is a petition preferred under Sections 391 and 394 of the Companies act (in short the act ) seeking sanction of the proposed Scheme of arrangement/restructuring (hereinafter referred to as the scheme ). The applicant is a shareholder/contributory of M/s. National Steel and General Mills Pvt. Ltd. (hereinafter referred to as the company ). This company is in liquidation. A winding-up petition being CP No. 98/1984 was filed against the company and in the said petition this Court vide order dated 18th August, 1988 passed final winding-up order and appointed the Official Liquidator attached to this Court as the Liquidator. Liquidation proceedings are in progress. It may also be noted that between August, 1984 and 2001 various attempts were made for revival of the company by filing schemes of Arrangement. However, none of those schemes were found feasible because of paucity of funds and in the absence of workable scheme of arrangement/restructuring.

( 2 ) PRESENT petitioner, Sh. Ajay Sharda, who claims that he is the substantial shareholder, filed CA 887/2001 proposing Scheme of Arrangement and Restructuring. Prayer was made in the said application for co