M/S. Libra Alkalischemie Pvt Ltd. v. M/S. The Sirpur Paper Mills Ltd.,

HON'BLE SRI JUSTICE C.V.NAGARJUNA REDDY COMPANY PETITION No.267 of 2015 Date:26.10.2015 Between:

M/s Libra Alkalischeme Pvt Ltd., Mumbai, reptd by its Authorised SignatorySuresh Swamy ....Petitioner And:

M/s The Sirpur Paper Mills Ltd., Hyderabad.

.....Respondent Counsel for the Petitioner: Ms. G.Senha Singhu For Mr. P.Sriram Counsel for the Respondent: Mr. Vedula Srinivas The Court made the following:

ORDER:

This Company Petition is filed for an order to wind up the respondent for non-payment of the debt due to the petitioner.

At the hearing, Mr. Vedula Srinivas, learned counsel for the respondent, placed before the Court the proceedings of Bench-III of the Board for Industrial and Financial Reconstruction, New Delhi (for short 'BIFR') in support of his submission that proceedings under the Sick Industrial Companies (Special Provisions) Act, 1985 (for short 'the Act') have been initiated qua the

respondent and that the reference is registered as Case No.30 of 2015.

Ms G.Sneha Sindhu, learned counsel representing Mr. P.Sriram, learned counsel for the petitioner, has not disputed the said fact pleaded by learned counsel for the respondent.

In view of registration of the proceedings qua the respondent by the BIFR, Section-22 of the Act bars winding up proceedings pending the proceedings before the BIFR.

In view of the same, the Company Petition is closed, however, with liberty to the petitioner to avail fresh remedy subject to the outcome of the proceedings before the BIFR.

________________________________ JUSTICE C.V.NAGARJUNA REDDY 26th October 2015 DR