BIOGENICS INDIA LTD Vs. B I F R

JUDGEMENT

(1.) Challenge in this writ petition is to the propriety and legality of the two orders, dated 14 May 2003 and 21 August 2003, passed by the Board for Industrial & Financial Reconstruction (for short 'the BIFR'). By the latter order, while observing that despite a lapse of more than 10 years the petitioner company/promoters had not come forward with any other proposal, with fully tied-up means of finance, for their consideration for revival of the petitioner-company, the BIFR has confirmed its earlier prima facie opinion, recorded in its order dated 14 May 2003. By the said order, the BIFR has opined that the petitioner sick company is not likely to make its net-worth exceed the accumulated losses within a reasonable period of time and, therefore, it would be just, equitable and in public interest to wind up the company.

(2.) Briefly stated, the material facts on the basis whereof the afore-noted opinion has been formed by the BIFR are as follows:

(3.) We have heard Dr.Abhishek Manu Singhvi, learned senior counsel for the petitioner and Mr.Sumant Batra and Ms.Tamali Wad, learned counsel for respondents No.1 and 3 respectively.