ORDER Sunil Ambwani, J.
1. This company application has been registered upon receipt of an opinion from the board of industrial and financial reconstruction, in BIFR Case No. 90 of 1997 in the matter of Triveni Refinery (P.) Ltd. (TRPL), recorded under Section 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 ('the Act'), to wind up respondent-company.
2. Upon receipt of reference, notices were directed to be issued on 2-4-2002 to the respondent-company, I.F.C.I. and PICUP fixing the matter for orders on 6-5-2002. Office has reported that notices were sent on 10-4-2002 by registered post AD but neither A.D. nor undelivered cover have been returned back. PICUP has entered appearance through Sri Vivek Saran, Advocate and support winding up the company. Notices despatched by registered post on 10-4-2002, under rules of the Court, the same shall be deemed to be served upon the respondent-company and I.F.C.I.
3. Triveny Refinery (P.) Ltd. (TRPL) was declared as Sick Industrial Company by BIFR on 11-9-1997, and was required to submit a rehabilitation package. The revival proposal submitted by the company was only partly acceptable to PICUP, the only secured creditor. It was not agreeable to sanction additional financial assistance to the company. I.F.C.I. was appointed as operating agency to examine viability of the company and to formulate a rehabilitation scheme, On 27-9-1999, advertisement was directed to be issued for change in management. The company filed an appeal before AAIFR which was disposed of with directions that there being no competitive proposal from any body, the IFCI will examine the proposal of applicant, i.e., the respondent-company on merits after inviting comments from several creditors and submit a report to BIFR. On 2-11-2001, Board found that there was no rehabilitation proposal with the means of finance fully tied up for consideration. After exploring all possibilities of rehabilitating the company, the Board came to the prima facie conclusion that the Sick Industrial Company - Triveny Refinery (P.) Ltd. (TRPL) was not likely to make its net worth exceed the accumulated losses within a reasonable time. In its order dated 8-2-2002, BIFR found that the company was not even reimbursing costs of advertisement charges incurred by IFCI. It was found that promoters were not serious in rehabalitating the company, nor were they resourceful enough to mobilize the funds as there was no rehabilitation proposal with means of finance fully tied up for consideration of the Board, and as such a finding was recorded that the company was liable to wind up, both on the ground that its networth was not likely to exceed its accumulated losses within a reasonable time while meeting all its financial obligations, and that the company as a result thereof was not likely to become viable in future and, hence, it was just, equitable and in public interest that it should be wound up.
4. The opinion of BIFR to wind up the company is accepted. The respondent company is directed to be wound up. The official liquidator is appointed as the liquidator under Section 449 of the Companies Act, 1956. He shall issue notices for compliance of Section 454 of the Companies Act, 1956; take over possession of the assets and records of the company after preparing an inventory; and shall submit report to the Court in six weeks dated 6-5-2002.