LORDS CHLORO ALKALI LTD. Vs. STATE OF RAJASTHAN

JUDGEMENT

(1.) By way of this appeal, the writ petitioner assails the judgment passed by the learned Single Judge whereby, he dismissed the writ petition rejecting the prayer made by the petitioner for quashing the notices issued by the respondent No.2- Rajasthan State Industrial Development and Investment Corporation Ltd. (for short, 'RIICO'), for recovery of the amount of Interest Free Sales Tax Loan (hereinafter referred as 'IFSTL') alleged to be outstanding as against the petitioner-company.

(2.) The brief facts which have come on record are that the petitioner-company earlier known as Modi Alkalies & Chemicals Limited had availed two loans for the period from 1985-1991 from RIICO as under:

(3.) On 30/6/2000, the company filed a reference under Sick Industrial Companies (Special Provisions) Act, 1985 (for brevity, 'SICA') before the Board for Industrial and Financial Reconstruction (for short, 'BIFR') and vide order dtd. 15/1/2002, the petitioner-company was declared as a sick company within meanings of Sec. 3(1)(O) of SICA and Industrial Development Bank of India (IDBI) was appointed as the Operating Agency (OA).