The BIFR on 15.2.1991 passed an order proposing the winding up of the appellant companypany.
Aggrieved against the aforesaid order of the BIFR dated 23.5.1991, the appellant companypany filed an appeal before the Appellate Authority for Industrial and Financial Reconstruction, New Delhi.
The Appellate Authority of its order dated September 13, 1991 upheld the order of the BIFR and did number find any reason to take a different view.
As regards the claims of the Canara Bank, the dues had been settled to the satisfaction of that bank and in case of United Bank of India, part of the dues had been settled and for the balance amount undertaking had been given, supported by bank guarantee of the satisfaction of the that bank.
We have companysidered the submissions made by Shri Desai and have perused the record thoroughly.
The new management had settled liabilities of all the creditors, workers dues, as well as government dues, by arranging funds of their own.
under Section 15 1 of the Sick Industrial Company Special Provisions Act, 1985 in short SICA .
The appellant companypany also alleged to have paid up all the secured and unsecured creditors of the companypany as well as all the workers employed in the foundry.
The appellant companypany made a reference to the Board for Industrial and Financial Reconstruction hereinafter referred to as the BIFR .
It was also pointed out by Mr. Desai that the aforesaid order of the BIFR was affirmed by the Appellate Authority by order dated 13.7.1989.
The appellant companypany forwarded the aforesaid special resolution along with a letter dated 21.5.1991 requesting the BIFR to revoke its order dated 15.2.1991.
The aforesaid letter of the Government of Maharashtra dated 13.7.1992 has been placed on record.
On 16.5.1991 at a general meeting of the appellant companypany a special resolution was passed by the shareholders that the order of BIFR dated 15.2.1991 was number in the interest of the companypany.
During the pendency of the said reference the appellant companypany made an application to the State of Maharashtra under Section 25 O of the Industrial Disputes Act, 1947 for seeking permission to close down its undertaking located at Goregaon and requested the BIFR to revive the undertaking at another location preferably in a backward area of Maharashtra.
The appellant declared a lock out in its foundry in July 1985.
M. Kasliwal, J. Special leave granted.
The appellant Crescent Iron and Steel Corporation Limited in short the appellant companypany , a private limited companypany was running a foundry.
