JORD ENGINEERS INDIA LTD Vs. J.K. FORGINGS

JUDGEMENT

(1.) THIS appeal under Section 96 of the CPC impugns the judgment and decree dated 7th July, 2012 of the learned Addl. District Judge-04, West (in CS 226/2011) in favour of the respondent for recovery of Rs.6,57,060/- along with pendente lite interest @ 18% per annum from the appellant. Notice of the appeal was issued and vide ex parte ad interim order dated 16th October, 2012 the operation of the impugned judgment and decree was stayed subject to the appellant depositing the entire decretal amount before this Court. The same has not been done and CM No.569/2013 has been filed seeking exemption from such deposit on the ground of the appellant being a sick company within the meaning of Sick Industrial Companies (Special Provisions) Act, 1985.

(2.) THE counsel for the appellant/defendant Company has purported to argue the appeal on merits.

(3.) THE appellant Company in support of its plea of being a sick company has filed copy of the order dated 9th November, 2005 of the Board for Industrial and Financial Reconstruction (BIFR) in which it is recorded that the BIFR was satisfied that the appellant Company has become a sick industrial company as on 30th June, 2001 and appointing an Operating Agency with respect to the appellant Company under Section 17 of the said Act. The appellant Company has also filed a copy of the order dated 4 th June, 2007 of the Appellate Authority for Industrial & Financial Reconstruction (AAIFR) dismissing the appeal preferred by one Oman International Bank against the aforesaid order dated 9th November, 2005 of BIFR and holding that the BIFR has correctly arrived at the finding that permission under Section 22(1) of the said Act for recovery of the dues claimed by the said Oman International Bank from the appellant should not be granted. The appellant has also filed copy of the order dated 1 st June, 2011 of the Division Bench of this Court in W.P.(C) No.7047/2007 preferred by the said Oman International Bank.