Case Law Details
The OL of Neelnandan Polymers Limited (In Liqn) Vs Suresh Gopichand Keswani (Gujarat High Court)
1. Heard learned advocate Mr. Pavan S. Godiawala for the accused and Official Liquidator of the Company [In Liquidation].
2. This criminal case is filed by the Official Liquidator under section 454 of the Companies Act, 1956 as the accused persons did not file statement of affairs within the stipulated time.
3. Accused Nos. 1 to 4 were the Directors of the Company as on the date of winding up of the Company [In Liquidation] i.e. Neelnandan Polymers Limited.
4. This Court passed an order on 08.02.2018 to wind up the Company pursuant to the communication dated 26.12.2013 addressed by the Registrar of the Board for Industrial and Financial Reconstruction [‘BIFR’ for short] to the Registrar of this Court stating that having conducted an inquiry under section 16 of the Sick Industrial Companies (Special Provision)Act,1985 (‘SICA’ for short), the BIFR has recorded the opinion under section 20(1) of the SICA that it was just and equitable that the Company [In Liquidation] be wound up.
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