Delhi High Court
M/S Ganesh Benzoplast Ltd. vs Union Of India & Ors. on 4 December, 2015
$~17.
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ W.P.(C) 9320/2015
% Judgment dated 4th December, 2015
M/S GANESH BENZOPLAST LTD. ..... Petitioner
Through : Ms.Maneesha Dhir, Ms.Varsha Banerjee
and Ms.Divya Krishnan, Advs.
versus
UNION OF INDIA & ORS ..... Respondents
Through : Ms.Shiva Lakshmi, CGSC, and
Mr.Arindam Dey, Advs. for respondent
no.1.
Mr.Manish Mohan, CGSC, Mr.Shivam
Chanana and Ms.Pooja Mishra, Advs. for
respondent no.3.
Mr.Harish Kumar, LDC from BIFR.
CORAM:
HON'BLE MR. JUSTICE G.S.SISTANI
HON'BLE MS. JUSTICE SANGITA DHINGRA SEHGAL
G.S.SISTANI, J (ORAL)
1. Learned counsel for respondents no.1 and 3 are present in Court. Despite
service none is present on behalf of respondent no.2/IDBI Bank.
2. Present writ petition has been filed by the petitioner under Articles 226
and 227 of the Constitution of India seeking a direction to sanction the
Scheme of the Company pending in BIFR Case No.42/2009.
3. Learned counsel for the petitioner submits that in the absence of one of
the Members, the BIFR is not functioning, which has forced the petitioner
to approach this Court.
4. On 26.11.2015, when the matter was listed in the Court, counsel for the
petitioner had submitted that recommendation for sanctioning the revised
scheme had been made by the BIFR on 21.10.2015 but the order cannot
be implemented as no formal order of sanction can be passed in the
absence of Member of BIFR. The Order dated 26.11.2015 reads as under:
"Learned counsel for the petitioner submits that recommendation
for sanctioning the revised scheme has been made by the Board for
Industrial Financial Reconstruction (BIFR) on 21.10.2015 but the
order cannot be implemented as no formal order of sanction can be
passed in the absence of Member of BIFR.
Learned counsel appearing for respondent No. 3 wishes to
take instructions in the matter and also produce necessary record
to enable this Court to satisfy itself that such scheme has been
recommended.
List on 4th December, 2015."
5. Mr.Mohan, learned counsel for respondent no.3, has produced the original
record in Court, and has drawn the attention of the Court to the Office
Noting dated 21.10.2015, which reads as under:
"BOARD FOR INDUSTRIAL AND FINANCIAL
RECONSTRUCTION
CASE No.42/2009 M/s Ganesh Benzoplast Ltd. (GBPL)(B-II)
Refer noting on pre-pages.
In the last hearing held on 01.06.2015 in MA No. 86/2015
(Flat Á'). Earlier the DRS was circulated on 18.04.2013 with cut
off date as 31.03.2011 and the statutory hearing was held on
25.07.2013 in which the Hon'ble Bench has directed the OA
(IDBI) to clarify the mismatch of cash flow, reconciliation of APCL
dues, to obtain view of SEBI on the letter dated 12.07.2013
regarding funding of Rs.16.56 crores to FOSCL by GBL,
reconciliation of IT dues and to clarify the unexplained in flow of
funds through a shell company. Subsequent hearings have been
took place on 26.08.2013, 12.12.2013, 16.01.2013, 13.3.2014,
19.3.2014, 17.11.2014, 13.01.2014 and 01.06.2015. The scheme
could not be sanctioned due to various objections and suggestions.
Now, OA vide their letter dated 11.09.2015 has submitted the
revised and up-dated DRS along with all clarifications, as pointed
out by Board as well as in various hearings.
The DRS is now modified as per the directions of Hon'ble
Bench and Sanctioned Scheme is prepared and is being submitted
along with order for kind approval of Hon'ble Member and
Hon'ble Chairman.
Accordingly, the scheme is being submitted for kind sanction
of HM(SCS) and HC."
6. The original record and the aforestated noting would show that the
Consultant of the BIFR has approved the scheme. Resultantly, the present
petition is allowed. The scheme annexed to the report stands sanctioned.
7. Writ petition stands disposed of.
CM APPL.21587/2015
8. Application stands disposed of in view of the order passed in the writ
petition.
G.S.SISTANI, J
SANGITA DHINGRA SEHGAL, J
DECEMBER 04, 2015 msr
