Shortly stated, the said sanctioned scheme for rehabilitation of the companypany is under implementation.
The said sanctioned scheme was brought into force with immediate effect.
The petitioner company assailed the recovery proceedings for the sales tax dues before the High Court.
1/86 , and for other reliefs.
It was modified later on 29.12.1993.
21973 of 1995 before the High Court of Andhra Pradesh representing the Commercial Tax Department, Andhra Pradesh, are the appellants in this appeal.
It prayed for the issue of a writ of mandamus directing the first and second respondents companymercial Tax Authorities number to proceed with the companylection of balances sales tax amount of Rs.
The petitioner company is an assessee to sales tax under the Andhra Pradesh General Sales Tax Act, 1957.
The Sales Tax authorities initiated action under Section 17 of the Andhra Pradesh General Sales Tax Act for recovery of the said dues.
This appeal is filed against the judgment and order of the High Court of Andhra Pradesh dated 4.11.1995.
The petitioner in the writ petition is M s. Corromandal Pharmaceuticals Ltd. The said companypany manufacture and markets bulk drugs and formulations.
As stated, the assessment orders for the said years were passed on 3.1.1994 and in 1995 long after the scheme was sanctioned by the BIFR on 19.11.1990.
The BIFR sanctioned a scheme of 1988 in exercise of its powers under Section 18 4 read with Section 19 3 of the Act after obtaining the companysent of the companycerned financial institutions, on 19.11.1990.
It was assessed for the assessment years 1992 93 by order dated 3.1.1994 and for the year 1993 94 by order passed in 1995.
The petitioner and respondents 5 and 6 in the writ petition are respondents 1 to 3 in this appeal.
Respondent 1 to 4 in writ petition No.
1/1986 the Preamble to the Act states as follows An Act to make, in the public interest, special provisions with a view to securing the timely detection to sick and potentially sick companypanies owning industrial undertakings, the speedy determination by a Board of experts of the preventive, ameliorative, remedial and other measures which need to be taken with respect to such companypanies and the expeditious enforcement of the measures so determined and for matters companynected therewith or incidental thereto.
It was declared as a sick industrial companypany under The Sick Industrial Companies Special Provisions Act, 1985 hereinafter referred to as the Act Act No.1 of 1986 by the Board for Industrial and Financial Reconstruction shortly called BIFR .
Paripoornan, J. Special leave granted.
The Industrial Reconstruction Bank of India shortly called IRBI has been appointed as the operating agency.
