Online edition of India's National Newspaper
Thursday, Dec 01, 2005
Online edition of India's National Newspaper Thursday, Dec 01, 2005 |
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Karnataka
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Bangalore
Staff Reporter
Bangalore: The Karnataka High Court on Wednesday refused to stay the liquidation proceedings of the New Government Electrical Factory (NGEF) located in Bangalore. Justice Ram Mohan Reddy sought more details on the plan of action proposed by the State Government for reviving the factory and said any action taken by the liquidator will have to be reported to the court. The State Government wants to halt the liquidation proceedings of NGEF. Advocate-General B.T. Parthasarathy said the State has decided to formulate a package for the rehabilitation and revival of NEGF. He said the State has decided to clear all debts in this regard. The State sought a direction to the liquidator not to finalise the proposal and hand over the company to the final bidder. Justice Reddy while seeking more details on the proposal adjourned the matter for hearing to December 14. The Official Liquidator of the company had issued an official notice on November 4 inviting bids for disposing of the company on the Old Madras Road as part of its liquidation.
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