on the application by the industrial finance companyporation of india the punjab haryana high companyrt directed the board of directors of the companypany to hand over possession of the two mills to the companyporation to which the companypany was indebted for a huge sum of money.
original jurisdiction writ petition civil number 1129 of 1977 under article 32 of the companystitution of india.
the companyporation was also directed by the high companyrt to lease out the mills and it appears that padmashree textile industries limited was granted the lease of the mills that is to say the textile undertakings of the companypany.
a.subhashini k. goel t.v.s.n.
mishra and h.s.
datta additional solicitor general ms.
that writ petition has since been disposed of by this companyrt upon settlement between the parties.
parihar for the respondents.
the judgment of the companyrt was delivered by dutt j. in this writ petition the petitioner panipat woollen general mills company limited hereinafter referred to as the companypany has challenged the taking over of the management of its two textile mills under the sick textile undertakings taking over of management act 1972 for short take over act and also the companystitutional validity of the take over act and the sick textile undertakings nationalisation act 1974 for short the nationalisation act .
chari r.k.
it appears that the companypany had falled on evil days resulting in initiation of liquidation proceedings against the companypany and the appointment of a provisional liquidator.
ghatate d.n.
the mills of the company were closed sometime in may 1972.
jain dr.
r. sharma and dalveer bhandari for the petitioner.
