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Challenge to order of Appellate authority for Industrial & Financial Reconstruction (AIFR) based on limitation period for appeal. Analysis: The petition challenged the order of the Appellate authority for Industrial & Financial Reconstruction (AIFR) dismissing the appeal against the order of the Board for Industrial & Financial Reconstruction (BIFR) as time-barred. The AIFR concluded that the appeal was filed beyond the 45-day limitation period from the date the order was issued. The AIFR emphasized the importance of expeditiously disposing of proceedings before the Board to prevent delays in cases involving potential sick companies. The AIFR relied on Section 114 of the Evidence Act to establish the regularity of facts unless proven otherwise. The dismissal of the appeal by AIFR was based on the fact that it was filed beyond the prescribed limitation period, leading to drastic consequences due to the progress made under the sanctioned scheme. The petitioners contended that they received the certified copy of the BIFR order within the limitation period and filed the appeal accordingly. However, the AIFR noted that the petitioners did not provide any explanation for the delay in receiving the certified copy. The AIFR highlighted that the petitioners' claim of rejection by the Registrar of BIFR for the copy was unsubstantiated as no such rejection order existed on record. The AIFR also mentioned that the delayed filing of the appeal could have been avoided if the petitioners had challenged the order promptly, considering the significant progress made under the sanctioned scheme. The court emphasized the importance of timely appeals in cases like these to prevent prejudice to the opposing party and avoid setbacks in the proceedings. The court upheld the AIFR's decision to dismiss the appeal as time-barred, considering the facts and circumstances of the case. The court noted that the petition was filed approximately three months after the AIFR's order, further emphasizing the need for prompt legal action in such matters. The court highlighted the importance of presenting all relevant material and documents before the court and adopting a serious view of delays in filing appeals in cases involving industrial and financial reconstruction. Ultimately, the court found no fault in the AIFR's order and dismissed the writ petition while leaving the parties to bear their own costs.
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