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Friday, Dec 13, 2002

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Delhi HC rejects Mardia Chem plea to block lenders

Our Bureau

MUMBAI, Dec. 12

THE Delhi High Court has rejected a writ petition of Mardia Chemicals attempting to block lenders from taking over its assets.

A two-judge Division Bench of the court also imposed a penalty of Rs 25,000 on the company.

Mardia Chemicals had filed the writ petition in the court after the Appellate Authority on Industrial and Financial Reconstruction (AAIFR) returned to the BIFR the company's case even while allowing the lenders to continue action to recover their dues under Section 22 of SICA.

The High Court said the company's liability had risen so much that a revival did not appear to be possible and hence there was no justification in disturbing the permission granted by AAIFR.

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