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Karnataka
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Bangalore
NGEF: High Court reserves orders
Staff Reporter
BANGALORE:
The Karnataka High Court on Wednesday reserved orders on two applications by the State Government to either stay the liquidation proceedings of the New Government Electric Factory (NGEF) or grant it leave so that it could follow up before the Centre the revival package for the factory.
Advocate-General Uday Holla said the State had already approached the Centre on the issue of revival of the now defunct NGEF. He said an application under Section 620 of the Companies Act was filed on September 20, 2006 before the Centre.
He said if the court did not want to stay the liquidation proceedings, it could at least grant leave so that it could follow up the revival package before the Centre. He urged the court to give a limited stay. Justice Rammohan Reddy, who is hearing the case, said Section 446 (2) (C) did not exclude the court from going ahead with the proceedings. He reserved orders on the applications by the State.
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