SUPRIYA PHARMACEUTICALS LTD. Vs. RAMESH DUGAR AND ORS.

JUDGEMENT

(1.) Caveat No. 216/2010.

(2.) BY means of this petition under Articles 226 and 227 of the Constitution of India, the petitioners challenge the impugned order dated 21.6.2010 passed by the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) whereby AAIFR accepted the appeal filed by the respondents No. 1 to 3 herein and set aside the order dated 28.5.2007 passed by Board of Industrial and Financial Reconstruction (BIFR). By the order dated 28.5.2007 BIFR had permitted, by purely an interim order, the conversion of an unsecured loan of Rs. 95 lacs into shares of the petitioner No. 1 company although no sanctioned scheme was formulated for implementation. Respondents No. 1 to 3 herein are the other group of shareholders than the petitioner No. 2 in the petitioner No. 1 company.

(3.) ON the aspect of limitation, AAIFR has held as under: