Plea in court to wind up SPIC unit at Guindy

CHENNAI: The Sakthi Hi-Tech Construction Private Limited
on Moore Street has moved the Madras High Court with a plea
 to order the winding up of SPIC Petro Chemicals Limited in Guindy.

Consequently, the company petition from Sakthi Hi-Tech prayed
for a direction to the official liquidator to take over the
 management and administration of SPIC as a provisional liquidator.

According to Sanjay Dodeja, counsel for petitioner company, SPIC
placed various purchase orders with the petitioner company for
fabrication and erection of SS tanks and other materials in 1995 and 1996.
 Accordingly, petitioner company supplied, erected and executed substantial
 parts of the purchase orders as early as in 1996, but SPIC did not perform
its obligation and defaulted in payment of Rs 96 lakh.

SPIC was also entangled in litigation in respect of the project.

By an order, the Madras High Court had also restrained SPIC from
 proceeding further with the project. The dues remained unsettled
 till date. SPIC had also taken various loans and credit facilities
 from several banks, financial institutions and individuals by mortgaging
and hypothecating its movable and immovable property.

Thus, SPIC was neck-deep in debt.

The promoter of SPIC had also entered into an agreement to sell
some of his personal property to True Value Homes for Rs 120 crore
 as premium price for a property of 60 grounds in Kotturpuram.