AJAY RAJ SHETTY Vs. DIRECTOR

JUDGEMENT

(1.) Leave granted.

(2.) This appeal has been preferred by the Appellant against the Final Judgment and Order dtd. 8/12/2023 (hereinafter referred to as the 'Impugned Order') passed by the High Court of Karnataka at Bengaluru (hereinafter referred to as the 'High Court'), by which Criminal Revision Petition No.164 of 2015 filed by the Appellant and Respondent No.2 has been dismissed.

(3.) M/s Electriex (India) Limited (hereinafter referred to as 'Respondent No.2' or 'Company') was declared as a sick industry by the Board for Industrial and Financial Reconstruction (hereinafter referred to as the 'BIFR') on 31/10/2001 in Case No.49/2000. On 24/9/2002, the BIFR ordered for a change in the management of Respondent No.2. Aggrieved by this Order, Respondent No.2 preferred Appeal No.340/2002 before the Appellate Authority for Industrial and Financial Reconstruction (hereinafter to referred to as the 'AAIFR'). Such appeal was dismissed vide AAIFR's Order dtd. 15/1/2003. Following this, Respondent No.2 filed Writ Petition No.20033/2003 before the High Court and it is relevant to note that the Employees' State Insurance Corporation (hereinafter referred to as 'ESIC') was also a party to the said writ petition, wherein the High Court on 3/3/2008 remanded the matter back to the BIFR to consider the matter expeditiously keeping in view the the interest of all the parties concerned and quashed the Orders of BIFR and AAIFR dtd. 24/9/2002 and 15/1/2003, respectively.