TEXTILE TECHNICAL STAFF ASSOCIATION KANPURS Vs. APPELLATE AUTHORITY

JUDGEMENT

(1.) THIS writ peti ­tion has been filed by the Trade Unions against the order dated 19 -1 -1995 passed by the Board for Industrial and Financial Reconstructions (in short BFIR), recom ­mending to this Court for winding up of Cownpore Textiles Ltd., (in short CTL), Respondent No. 4 and the order of the Appellate authority for industrial and Financial Reconstruction (in short AAIFR), dismissing the appeal against the said order on 9 -5 -1997.

(2.) THE effort of the petitioners is that the CTL be revived instead of winding up, as about 17CO workers will be deprived of their wages in case the company is wound would up.

(3.) ADMITTEDLY , the company was suf ­fering loss every year and ft was rightly declared as sick company. The BFIR was, however, concerned as to whether this company could be revived. It appointed Industrial Development Bank of India (in short IDBI) as operating agency under Section 16 of the Sick Industrial Com ­panies (Special Provisions) Act, 1985 (hereinafter referred to as the Act). On behalf of the Company, it was submitted that the task of preparing a viable rehabilitation proposal was entrusted to Bombay Textile Research Association (BTRA). It had submitted a draft report to the Ministry of Textiles which had ac ­corded its approval in principle.