PUNJAB NATIONAL BANK Vs. AAIFR

JUDGEMENT

(1.) THIS writ petition involves the interpretation of Section 15 (1), 2nd proviso of Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as SICA), which reads as follows:-

(2.) THIS writ petition challenges the order dated 20th April, 2006passed by the Appellate Authority for Industrial and Financial Reconstruction (AAIFR), new Delhi.

(3.) THE facts of the case briefly stated are as follows:-