- (1.) Leave granted.
(2.) The sole question before this Court in the present appeal is whether the proceedings before the Board for Industrial and Financial Reconstruction (for short, 'the BIFR') in respect of the respondent - Global Infrastructure and Technologies Limited (for short, 'the Company') had abated under Section 15 of the Sick Industrial Companies (Special Provision) Act, 1985 (for short, 'the SICA').
(3.) The BIFR and the Appellate Authority for Industrial and Financial Reconstruction (for short, 'the AAIFR') answered the aforesaid question in the affirmative and in doing so recorded a finding that the appellant is holding 100% of the outstanding secured debts of the respondent No.1-Company. Accordingly, it was held that the proceedings had abated by virtue of the third proviso to Section 15(1) of the SICA.;