Stay of the High Court in the meanwhile.
List on 21.2.2000 on companydition that there shall be a stay of further proceedings before the Tribunal till that day.
Against that order of the B.I. F.R. , an appeal is filed by the appellant before the A.A. F.I. F. hereinafter referred to as the Tribunal , A.A. I.F.R?
On 23.2.2000 the High Court modified the said order by passing the following order Heard on admission.
1/2000 to modify the said order in this Court.
On 14.2.2000 the High Court passed the following interim order When the matter is taken up Mr. Mehta prays for adjournment.
Admit.
The sale of the properties as ordered by the Tribunal may go on.
Insofar as the sale of the properties is companycerned which has also been permitted by the interim order of this Court, we see numberjustifiable reason to interdict the sale of properties.
However, the parties are free to approach the B.I. F.R. , if they want.
With regard to the permission granted by the Tribunal to proceed with the suit, in our view, the rights of PSL are number prejudiced as the apprehension ex pressed by the learned Counsel that sales will be companyducted by two authorities one by an authority under the order of the Tribunal and the other by the Receiver under the order of the Court will number be in the interest of PSL, is number ten able.
No numberice is necessary to the other side as the respondents are represented.
Syed Shah Mohammed Quadri, J. Leave is granted.
The interim relief granted earlier to companytinue.
Aggrieved by the said two orders of the High Court, the appellant filed these appeals by special leave.
The appellant is one of the creditors of the first respondent Parasrampuria Synthetics Ltd. hereinafter referred to as PSL .
Invoking the provisions of Sick Industrial Companies Act for short, the SICA , PSL approached the B.I. F.R. seeking a declaration that it is a sick Company.
On March 17,1999, B.I. F.R. declared PSL as a sick Company.
3287 of 1997 filed by it against PSL, and its guarantors for recovery of loan advanced by it were questioned by PSL in Writ Petition No.
Two orders of the Tribunal first passed on 28.9.1999 in MA 61/99 which relates to taking on record the documents filed by the appellant and the second passed on 13.10.99 in MA 33/99, which, inter alia, relates to granting of permission to the appellant to proceed with the Suit No.
which is number pending.
1517 of 1999 before the High Court of Madhya Pradesh at Indore.
On 17.4.2000 this Court passed the following order Notice.
