M/S Shalimar Wires Industrial Ltd. v. Board Of Industrial And Financial Reconstruction And ORS

$~14 * IN THE HIGH COURT OF DELHI AT NEW DELHI + W.P.(C) 1613/2016 M/S SHALIMAR WIRES INDUSTRIAL LTD.

..... Petitioner Represented by:

Ms.Maneesha Dhir, Ms.Varsha Banerjee, Ms.Divya Krishnan, Advs.

versus BOARD OF INDUSTRIAL AND FINANCIAL RECONSTRUCTION AND ORS ..... Respondent Represented by:

Mr.Manish Mohan, CGSC with Mr.Shivam, Ms.Pooja Mishra, Ms.Manisha Saroha, Advs. for R-1/BIFR.

Mr.Rajiv Kapur, Adv. for R-2/SBI.

Mr.Sandeep Gupta,Adv. for R-6/ARCIL.

Mr.Keshav Mohan, Adv. for R-8.

Mr.Dinhar Takiar, Adv. for R-12.

Mr.D.R.Jain, Adv. for R-18.

Mr.Vikram Jetly, CGSC for UOI/R-32.

CORAM:

HON'BLE MR. JUSTICE PRADEEP NANDRAJOG HON'BLE MS. JUSTICE MUKTA GUPTA

O R D E R

% 26.02.2016 CM 6997/2016 Exemption allowed subject to just exception.

W.P.(C) 1613/2016

W.P.(C) 1613/2016 1.

In our opinion issues concerning sanction of the modified scheme for rehabilitation of the petitioner is not a matter of such grave urgency that pending re-constitution of BIFR after filling up the vacancies, the writ Court should be the substituted forum.

2.

There may be a point concerning `31 crores lying in a No Lien Account after sale of an asset of the petitioner requiring immediate distribution because on account of consent not given by a beneficiary of the amount being disbursed, the buyer wants to retract. 3.

We allow the petitioner to withdraw the writ petition with right reserved to file a writ petition limited to the issue of disbursement of `31 crores.

4.

Petition is dismissed as withdrawn with liberty granted as aforesaid. 5.

No cost.

CM 6996/2016 (u/S. 151 CPC) Dismissed as withdrawn.

PRADEEP NANDRAJOG, J.

MUKTA GUPTA, J.

FEBRUARY 26, 2016 'ga'

W.P.(C) 1613/2016