Stating that prima-facie IDPL can not make its net worth positive within reasonable time after meeting all its financial obligations, a two-member BIFR bench including its chairman PP Chauhan and member TR Sridharan said, "It was just, fair and in public interest that the company be wound up".

The bench observed that the company had failed to come up with a rehabilitation proposal, despite being given ample opportunity and advertisement for change of management, did not elicit any response. Giving its go ahead to the secured creditors to proceed with legal action for recovery, the Board came down very strongly on the management of IDPL.

(PTI)