R.K. Merathia, J.-

This company petition was registered on the recommendation of B.I.F.R. in the year, 1996. M/s Kumardhubi Metal Casting & Engineering Ltd. (KMCEL for short), the company under liquidation, was a joint venture company of Bihar State Industrial Development Corporation, a Government of Bihar undertaking (BSIDC for short) and M/s Tata Iron and Steel Company (TISCO for short). The share holding was 50.7 and 49.3 respectively. On 17.8.1999, the order of winding up of KMCEL was passed by this Court. The assets of the company under liquidation were in possession of the secured creditor-Bank of India which was ultimately taken over by the Official Liquidator in February, 2006.

2. On the insistence of BSIDC, the valuation of assets and invitation of claims was deferred from time to time in this case.

3. The BSIDC brought revival package prepared by one consultant, namely, Varrenyam Consultants Pvt. Ltd. engaged by BSIDC. The Official Liquidator indicated shortcomings in the said revival package by report dated 31.3.2009 (at Flag-38).

The relevant portion of the order dated 6.11.2009 reads as follows:-

The Official Liquidator has filed a reply to the revival package on 1.4.2009 (Flag 38). He has indicated shortcomings in the revival package. .

On going through the materials on record, when t indicated that the objections to the revival package raised by the Official Liquidator are tenable and such revival package will not be in the interest to anybody, Mr. Rajesh Kumar submitted that BSIDC will find out a strategic partner and will settle the terms with such partner for revival, proceeding in view of the objections raised by the Official Liquidator in the said report and will file an affidavit sworn by the Chairman of the BSIDC and authorized representative of the strategic partner."

4. Now it is said by BSIDC that pursuant to the advertisement inviting tender from interested parties for revival of KMCEL, five offers were received.. Out of which, the offer of BESCO Engineering and Services Private Ltd. (BESCO for short) of Rs.2.40 Crores as annual lease rent was found highest and accordingly, BSIDC and BESCO have finalized the revival package and are proceeding to prepare a draft lease.

5. It is submitted orally by learned counsel, appearing for BSIDC and BESCO (intervener) that the lease rent for three years will be paid in advance to liquidate the dues of the Bank under one time settlement and the dues and disputes, if any, with the association of the workmen and other creditors wilt be settled, if this winding up proceeding is stayed. ."

6. Mrs. M.M. Pal, leaned Senior Counsel, appearing for the workmen supported the stand of BSIDC and BESCO.

7. Mr. A. Allam, learned Senior Counsel, appearing for the Bank of India submitted that the Bank is only interested in getting back its dues. He further submitted that BSIDC got this case lingering since 1996 during which the Bank has incurred crores of rupees against security expenses which is more than Rs. One Lakh per month now.

. 8. Mr. Lakhan Sharma, appearing for the Official Liquidator, on the other hand, submitted that the proposed revival scheme between the BSIDC and BESCO is not in the interest of the contributories, secured creditors including the Bank, the workmen and others. He further referred to the order dated 12.8.2010 passed in Company Appeal No.2 of 2010 Rajiv Sachdeva vs. Rajhans Steel Ltd. (in liquidation) through the Official Liquidator and others.

9. In reply, the learned counsel, appearing for BSIDC and BESCO and the workmen submitted that an S.L.P. is contemplated against the said judgment of Rajiv Sachdeva (supra). It was further submitted that in the case of M/s Heavy Engineering Corporation Ltd., this Court proceeded with the reviv21 package submitted by the Central Government and the State Government and therefore in this case, also BSIDC and BESCO may be allowed to proceed with the revival scheme.

10. After considering the entire matter, I am not incli