KUSUM INGOTS AND ALLOYS LTD Vs. APPELLATE AUTHORITY FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION, NEW DELHI

JUDGEMENT

(1.) This petition has been filed aggrieved by, the order passed by the AAIFR dated 31st December, 2001. The petitioner company had filed a second reference on the basis of audited accounts for the year ending 31st March, 2000 which was registered with BIFR at serial number 194/2001 dated 24th May, 2001. The said reference was dismissed in limine vide order dated 27th August, 2001. Aggrieved by said order an appeal was filed by the petitioner before AAFIR which was also dismissed by order dated 31st December, 2001 which is impugned in this writ petition.

(2.) Prior to the said reference, another reference was filed by the . petitioner company on the basis of the accounts up to 30th September, 1996. The BIFR on the said reference had declared the company sick, vide orders passed on 23rd June, 2000. Respondent No. 2/State Bank of India and respondent No. 3/Punjab National Bank filed an appeal before the AAIFR and AAIFR on 17th April, 2001 set aside the order of the BIFR. Aggrieved by the said order of the AAIFR, the petitioner preferred a writ petition in this Court being Civil Writ Petition No. 1916/2002 which was decided on 4th October, 2004. In the impugned order passed by the AAIFR on the second reference of the petitioner company, reliance was placed by the AAIFR on its order dated 17th April, 2001 which was set aside in the Civil Writ Petition No. 1916/2002 by order dated 4th October, 2004, it would be relevant to refer the observation made in the said order. Para 11 of the said order dated 4th October, 2004 is as under :-

(3.) Therefore the very basis on which the impugned order was passed, has been set aside in the Writ Petition No. 1916 of 2002. We need not go into details of said order dated 4th October, 2004 in Civil Writ Petition No. 1916/2002. Pursuant to the said order, the matter has been referred back to BIFR in terms of the directions passed in the aforesaid Writ Petition. That order has not been challenged by any of the parties and thus has become final.