JASOKA INDIA LTD Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) The petitioner-Company made a reference to BIFR under Section 15 (1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as the "SICA") which declared the petitioner-Company sick vide order dated 22.6.1999. The State Bank of India (SBI) was appointed as the Operating Agency to examine the viability of the company and formulate a rehabilitation plan for its revival, in case it was found viable. Vide order dated 7.3.2006 the BIFR confirmed its prima facie opinion formed on 22.12.2003 to wind up the Company in terms of Section 20 (1) of the SICA. The BIFR also directed that the opinion formed by it be forwarded to the concerned High Court and the Company should not dispose of any of its assets without prior approval of the Board during the period beginning with the recording of opinion by it and up to the commencing of proceedings relating to winding up before the concerned High Court. The order passed by BIFR on 7.3.2006 was challenged by the petitioner by way of an appeal before the Appellate Authority for Industrial and Financial Reconstruction (for short "AAIFR"). However, vide order dated 3.6.2009, the appeal filed by the petitioner-Company was dismissed.

(2.) Earlier during the pendency of the proceedings before the BIFR, the petitioner had filed CW No.3023/2003 against some interim orders passed by BIFR. When the said writ petition came up for hearing on 5.5.2003, the following interim order was passed:

(3.) Being aggrieved from the dismissal of its appeal before AAIFR the petitioner filed WP (C) No.11216/2009 before this Court. When the aforesaid writ petition came up for hearing on 16.2.2010, the following order was passed: