SHREE BAJARANG ELECTRIC STEEL PRIVATE LTD Vs. STATE

JUDGEMENT

(1.) The Court : This matter is coming up in the list for orders pursuant to the order dated 24th of January, 1994 passed by the Appellate Authority for Industrial & Financial Reconstruction, New Delhi (here-in-after referred to as "AIFR"). The said appellate authority forwarded its recommendations to this Court by their letter dated 4th of February, 1994. The appellate authority after considering various aspects of the matter held that there was absolutely no substance in the appeal which was accordingly dismissed and the impugned order of the BIFR dated 7th of September, 1992 was confirmed by the said appellate authority.

(2.) By the order dated 7th of September, 1992 the Board for Industrial and Financial Reconstruction (here-in-after briefly referred to as BIFR') inter alia held as follows :-

(3.) My attention was also drawn to the order of the Hon'ble Supreme Court dated 21st April, 1994 passed in Petition for Special Leave to Appeal (Civil) No. 12446 of 1992 (Bank of India v. The Commissioner, Sanchita Investment & Anr.). The Supreme Court recorded the submissions of the respective parties inter alia to the effect that in view of the order aforesaid of the AIFR the petitioner could go back to this High Court and raise all such issues as are available to it and the respondent could also raise all such pleas as are available to the respondent before this Court. The Supreme Court also directed the matter to be expedited in this Court.