M.S. Liberhan, J. - Implementation of 1977 sanctioned processing plant in joint sector by Govt. of India, taken in 1979, commissioned Glucose plant in 1980, Destrose Monohydrate and Starch units became operative some where in 1981 and 1982. The company was closed down in June, 1983. Rehabilitation of the company was proposed at Rs. 187.00 lacs. Mr. T.S. Rai and Associates applicants proposal for rehabilitation of the company was accepted in 1985. Petition for winding up by M/s. Universal Starch Chem. Allied Ltd. on companys being unable to pay admitted debts, was allowed in 1986. Winding up order was affirmed in appeal vide order dated 24.2.1992.

2. The petitioners sought the revocation of the winding up approval of the revival scheme proposed and interim stay during the winding up proceedings, and further restraining the official liquidator from taking possession of the company during the pendency of the proceedings. Petitioner T.S. Rais proposal by his scheme 1985 for rehabilitation and revival of company was approved by Industrial Finance Corporation of India.

3. In the meanwhile the Govt. of India approved and allowed disinvestment of the share-holding of Indian Drugs