9911796707
TMI Blog2004 (7) TMI 370X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Ms. Prem Lata Bansal for the Respondent. ORDER 1. Since at the relevant time, Appellate Authority for Industrial and Financial Reconstruction (for short the AAIFR ), was not functional order, dated 7 January 2004, passed by the Board for Industrial and Financial Reconstruction (for short the BIFR ) was challenged by means of this writ petition. Taking note of the report of the ope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n done. We have heard learned counsel for the petitioners and the operating agency. The Income-tax Department is represented by Ms. Premlata Bansal. No other respondent has chosen to appear. 3. In the additional affidavit filed by the petitioners on 15 July 2004, it is stated that the rehabilitation scheme sanctioned by the AAIFR vide order dated 31 August 2001 has been substantially imple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xpenditure to be incurred Capital Expenditure 228 137 183 45 OTS of Canara Bank dues 1237 0 1237 0 OTS of Institutional/ debenture holders dues 1157 0 1157 0 Repayment of MSTC dues 383 0 275 108 Repayment of leasing companies dues 363 10 29 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... companies, MSTC and Government departments on the due dates, stipulated in the said scheme. Mr. R.C. Purohit, Managing Director of the petitioner No. 1 company is present in Court. He has been identified by learned counsel for the petitioners. Mr. Purohit reiterates what is stated in the affidavit and undertakes to the Court that he will strictly comply with the terms of the sanctioned scheme. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the sanctioned scheme in totality and to the satisfaction of everyone, BIFR may be directed to consider this application at the earliest. 6. Accordingly, without going into the merits of the other issues raised in the writ petition, we set aside the impugned order and request the BIFR to take up the said application for consideration as expeditiously as practicable and if possible before ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
