SHERVANI SUGAR SYNDICATE LIMITED Vs. BIFR AND OTHERS

JUDGEMENT

(1.) THIS appeal filed by Shervani Sugar Syndicate Limited (hereinafter referred to as the 'Appellant company') is directed against the order of the Board for industrial and Financial Reconstruction (hereinafter referred to a:; the 'BIFR') dated 21.7.2009 whereby the BIFR sanctioned the Modified Draft Rehabilitation Scheme (IvIDRS) for the Appellant company with certain modifications. The Appellant company is aggrieved by the directions at paragraphs 16(c), (d) and (e) of the impugned order, which read as under:

(2.) BRIEFLY stated the facts of the case are:

(3.) THE learned Counsel for the Appellant company has challenged the impugned order on the following grounds: