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COMA/96/2008 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY
APPLICATION No. 96 of 2008
=========================================================
NOVA
PETROCHEMICALS LIMITED - Applicant(s)
Versus
.
- Respondent(s)
=========================================================
Appearance
:
MR
SUDHIR M MEHTA for
Applicant(s) : 1,
None for Respondent(s) : 1,
MR AC GANDHI for
Respondent(s) :
1,
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE K.A.PUJ
Date
: 20/10/2008
ORAL
ORDER
The
Applicant has filed this Application under Section 391(6) of the
Companies Act, 1956 praying for the stay of the proceedings of
Company Petition No. 224 of 2007, filed by M/s Landesbank
Baden-Wuerttemberg against the Applicant Company. Initially, the
Court has issued Notice on 27.2.2008. Though the Court has not
granted stay as prayed for in the present Application, the present
Application and the Company Petition No. 224 of 2007, both have been
placed together for hearing. On 22.8.2008, this Court has passed an
order directing the Applicant to intimate the Court about the
outcome of the decision taken in the interse meeting of the secured
creditors and development in the direction of filing of the scheme
at the earliest, preferably, within 15 days from the date of the
said order, failing which, appropriate further orders admitting the
winding-up petition shall be passed by the Court.
Today,
an Affidavit is filed on behalf of the Company stating therein that
the Chairman appointed for the meeting is going to hold the
adjourned meeting of the secured creditors of the Company on
11.11.2008.
In
above view of the matter, the Court postpones the hearing of the
Company Petition No. 224 of 2007 till 17.11.2008. In the meantime,
the adjourned meeting of the secured creditors of the Company, as
intimated to the Court, should be held and the outcome of the said
meeting must be placed on the record of the Company petition No. 224
of 2007. Till 17.11.2008, no order would be passed in the Company
Petition No. 224 of 2007.
It
is made clear that if no decision is taken in the adjourned meeting,
the Court will proceed with the hearing of the Company Petition No.
224 of 2007. Further order with regard to the stay of the further
proceedings of Company Petition No. 224 of 2007 will be passed
depending upon the outcome of the meeting scheduled to be held on
11.11.2008.
Subject
to the aforesaid clarifications and observations, the Company
Application No. 96 of 2008 is disposed of.
(K.A.Puj,J)
Jayanti*
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