Winding up of Essem Coated Steels Ltd
Excelsior Correspondent
JAMMU, Sept 22: In a case relating to winding up of a company namely M/s Essem Coated Steels (J&K) Ltd, High Court of Jammu & Kashmir and Ladakh has appointed Mohd Nazir Fida, retired District and Sessions Judge as Commissioner for clearing the leasehold premises of the petitioner company by engagement of men and machinery as required for the requisite purpose.
While dealing with a case having litigious journey starting from June 1995 and awaiting its destination to reach, Justice Rahul Bharti, after hearing Advocates Inderjeet Gupta and Yatin Mahajan for Essem Coated Steels (J&K) Ltd and Advocates B B Bakshi, M P Gupta, Akash Gupta and Ajay Abrol for Board of Industrial & Financial Reconstruction, appointed Mohd Nazir Fida as Commissioner on the commissioner fee of Rs 2.50 lakh to be payable by the Official Liquidator out of the funds of the petitioner-company.
“In addition, the Official Liquidator shall provide at the disposal of the Commissioner an amount of Rs 8 lakh towards expenses for the purpose of hiring men and machinery for undertaking the exercise of clearing the leasehold premises and in case of amount of Rs 8 lakh falling short of carrying out the task then the Commissioner shall be entitled to make an application to this court for seeking requisite additional fund”, Justice Bharti said.
“Compliance with respect to payment of Commissioner fees and expenses be carried out by the Official Liquidator within a period of 15 days from the date of this order, whereupon the Commissioner Mohd. Nazir Fida (Retd. District & Sessions Judge) shall undertake the requisite exercise and make an effort to conclude it, if possible, before onset of forthcoming snow season in Kashmir”, High Court directed.
High Court further directed the Official Liquidator to submit compliance report with respect to payment of amount. Moreover, the Official Liquidator and the MD J&K SIDCO have been directed to provide all requisite assistance and cooperation to the Commissioner.
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