Financial Daily from THE HINDU group of publications
Tuesday, Jan 25, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jan 25, 2005 |
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Corporate
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Sick Units Bengal Immunity liquidation case deferred Our Legal Correspondent
Kolkata , Jan. 24 THE Calcutta High Court today adjourned for a fortnight, for confirming, the liquidation proceeding of Bengal Immunity Ltd, an erstwhile reputed pharmaceutical manufacturing company of West Bengal. Mr Justice Pinaki Chandra Ghose did not pass any order, as an intervener (person who intervenes in an action to which he was not originally a party) appeared, claiming that more than Rs 30 lakh has been paid to the company to purchase the unit. The Board for Industrial and Financial Reconstruction (BIFR) did not take this aspect into consideration, when the order was passed directing the issue to be sent to High Court for confirming liquidation. The intervener submitted that the order of liquidation cannot finally be passed unless his claim is fulfilled. The BIFR did not take this aspect into consideration, during hearing and the matter may be sent back to the for re-adjudication. After hearing, the court, without passing any order, adjourned the matter for further hearing.
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