M/s. V.M. Confectionery Limited, the Corporate Applicant, filed C.P. (IB) No.149/BB/2017 under Section 4(b) of the Sick Industrial Companies (Special Provisions) Act, 2003, which was inserted in the Eighth Schedule of the I&B Code, 2016. The application was filed against the Registrar of Companies, Karnataka, ESI Corporation, and PF authorities, seeking enforcement of a sanctioned scheme dated 21.06.2006 approved by the Board for Industrial and Financial Reconstruction (BIFR). The applicant sought directions for the respondents to comply with clauses of the sanctioned scheme related to ESI dues, PF dues, and exemptions from Company Law Board provisions. The BIFR had previously sanctioned a rehabilitation scheme for the Corporate Applicant, which the applicant
…M/s. V.M. Confectionery Limited, the Corporate Applicant, filed an application seeking enforcement of a sanctioned scheme approved by the Board for Industrial and Financial Reconstruction (BIFR) under the Sick Industrial Companies Act (SICA). The Corporate Applicant's net worth eroded by 31.03.1994, leading to a reference to BIFR, registered as Case No.34/1995. BIFR declared the Corporate Applicant a sick industrial company on 17.07.1995 and appointed Canara Bank as the Operating Agency. A rehabilitation scheme was sanctioned on 16.02.1996, but the Corporate Applicant failed to implement it, leading BIFR to declare the scheme 'failed' on 20.07.2000. A modified scheme was sanctioned on 21.06.2016. The Corporate Applicant alleged that the Registrar of Companies (ROC),
…Sign in to view the parties.
M/s. V.M. Confectionery…
Corporate Appl…
M/s. V.M. Confectionery Limited, the Corporate Applicant, filed C.P. (IB) No.149/BB/2017 under Section 4(b) of the Sick Industrial Companies (Special Provisions) Act, 2003, which was inserted in the Eighth Schedule of the I&B Code, 2016. The application was filed against the Registrar of Companies, Karnataka, ESI Corporation, and PF authorities, seeking enforcement of a sanctioned scheme dated 21.06.2006 approved by the Board for Industrial and Financial Reconstruction (BIFR). The applicant sought directions for the respondents to comply with clauses of the sanctioned scheme related to ESI dues, PF dues, and exemptions from Company Law Board provisions. The BIFR had previously sanctioned a rehabilitation scheme for the Corporate Applicant, which the applicant
…M/s. V.M. Confectionery Limited, the Corporate Applicant, filed an application seeking enforcement of a sanctioned scheme approved by the Board for Industrial and Financial Reconstruction (BIFR) under the Sick Industrial Companies Act (SICA). The Corporate Applicant's net worth eroded by 31.03.1994, leading to a reference to BIFR, registered as Case No.34/1995. BIFR declared the Corporate Applicant a sick industrial company on 17.07.1995 and appointed Canara Bank as the Operating Agency. A rehabilitation scheme was sanctioned on 16.02.1996, but the Corporate Applicant failed to implement it, leading BIFR to declare the scheme 'failed' on 20.07.2000. A modified scheme was sanctioned on 21.06.2016. The Corporate Applicant alleged that the Registrar of Companies (ROC),
…M/s. V.M. Confectionery…
Corporate Appl…