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2001 Supreme(Guj) 796

K.R.VYAS
MADHU FABRICS LIMITED – Appellant
Versus
STATE BANK OF INDIA – Respondent


Advocates Appeared: A.S.VAKIL, AVANI MEHTA, K.G.VAKHARIA, P.K.SHUKLA, R.M.DESAI, SONIA HURA, TUSHAR MEHTA

K. R. VYAS, J.

( 1 ) THE petitioners M/s Madhu Fabrics Ltd. and M/s Madhu Textiles Ahmedabad Limited, by filing Special Civil Application No. 5124 and 5125 of 2000 respectively, have challenged the orders dated 14. 2. 2000 passed by the Board for Industrial and Financial Reconstruction (In short, bifr) annexure A and order dated 4. 5. 2000 passed by the Appellate Authority for Industrial and Finance Reconstruction (In short, aaifr) annexure B. The BIFR, after considering the facts, opined that the petitioner company is not likely to become viable in future and, therefore, it is just, equitable and in public interest that it should be wound up under section 20 (1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (In short, sica ). AAIFR, in appeal, confirmed the said order.

( 2 ) COMPANY Petition No. 31 of 2000 is for consideration of Board opinion in the matter of M/s Madhu Fabrics Limited while Company Petition No. 32 of 2000 is for consideration of Board opinion with respect to M/s Madhu Textiles Ahmedabad Limited. The petitioner M/s Madhu Textiles Ahmedabad Limited has also filed Company Application No. 288 of 2000 in Company Petition No. 32 of 2000 seeking directi






























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