DAMODAR VALLEY CORPORATION Vs. APPELLATE AUTHORITY FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION AND ORS.

JUDGEMENT

(1.) THE petitioner has filed this writ petition challenging the order dated 26th February, 2009 passed by the Appellate Authority for Industrial & Financial Reconstruction (hereinafter referred to as AAIFR) as well as order dated 4th July, 2007 passed by the Board for Industrial & Financial Reconstruction (hereinafter referred to as BIFR) and praying therein that the petitioner be permitted to file objections to the Draft Rehabilitation Scheme (DRS).

(2.) BRIEF facts are that the petitioner is a Statutory Corporation established under the Damodar Valley Corporation Act, 1948. Its functions are the promotion and operation of schemes for irrigation, water supply and generation, transmission and distribution of electrical energy.

(3.) RESPONDENT No. 3 company became sick and a reference was made to BIFR. It was declared as sick company under Section 3(1)(o) of the Sick Industrial Companies (Special Provisions) Act, 1985 (for short SICA) vide order dated 26th November, 1997 passed by the BIFR.