Case Law Details
RELEVANT PARAGRAPH
8. We have considered the, rival submissions, perused the material on record. In the instant case, rehabilitation scheme was sanctioned by the BIFR on 05.07.2001, A copy of the summary record of the proceedings of the hearing held on 5.7.2001 before BIFR- have been placed in the Paper Book. It has been held in the aforesaid proceedings para 22 as under:
“22. After hearing the submissions and no carefully considering the observations made ‘by alt in today’s hearing and the material on record,, the Bench sanctioned the scheme u/s 18(4) of the Act and the Sanctioned Scheme will come into force with immediate effect.’
9. It is thus evident from the above that, BIFR sanctioned the scheme under section 18(4) of the Act and the Sanctioned Scheme came into force with immediate effect. A copy of the sanctioned scheme has also been placed in the Paper Book at pages 25 to ’56. Form. The perusal of the scheme, it is seen that the appellant company was to provide promoters contribution of ‘a sum of Rs. 3,50,00,000/ – to its subsidiary’ Company, namely, M/s Haryana telecom Ltd. In fact, the scheme;’ also provides in para 6.2 as under:
“d) The company shall satisfy MA that the physical progress and all aspects of cost of the scheme/means 0f finance of the scheme is complied with as per schedule. To this end, the company shall furnish to MA such information and data as may be required by it at quarterly intervals. Any financial shortfall arising out of the delayed implementation of the schedule or for any other reason shall be met by the company/promoters without, any recourse to FI/Banks or seeking any further reliefs/concessions including margin money from them .than what ha already been provided for in the Scheme within a period not exceeding three months.”
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