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Challenge to order dismissing reference as time-barred under the Sick Industrial Companies (Special Provisions) Act, 1985. Analysis: The judgment involves an application under Article 226 challenging the dismissal of a reference by the Board for Industrial and Financial Reconstruction as time-barred. The reference was made after the stipulated period following the finalization of audited accounts, leading to the Board's dismissal based on the mandatory provision of the Act. The company sought condonation of delay citing ignorance and lack of knowledge. The Court analyzed the provisions of sections 3(1)(da), 15, and 33 of the Act. It highlighted the definition of "date of finalisation of the duly audited accounts" and the requirements for making a reference to the Board within sixty days of a company becoming a sick industrial company. The Court also noted that certain authorities could make references beyond the stipulated period under section 15(2) of the Act. The judgment referenced an unreported decision by Suhas Chandra Sen, J., interpreting a similar provision under a different Act. The Court emphasized that the time limit under section 15(1) of the Act was to ensure prompt action by the board of directors, with penalties for delays but no provision for rejecting a reference as time-barred. The Court rejected the Board's decision, stating that it retained the power to determine measures for a sick industrial company even if the reference was delayed. In conclusion, the Court set aside the Board's order and directed a reconsideration of the reference in accordance with the law. The writ application was allowed with no order as to costs.
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