A.P.Sen, J. - (1.) In compliance with the Court's order dated 13th October, 1987 the Board for Industrial & Financial Reconstruction, New Delhi, established under Section 4 of the Sick Industrial Companies (Special Provisions) Act, 1986, in consultation with the Industrial Development Bank of India, constituted under Section 3 of the Industrial Development Bank of India Act, 1964 as its operating agency within the meaning of Section 3 (i) of the Act, considered in depth the scheme submitted by the Kamani 11 Employees Union and has evaluated the same by its 'feasibility report' dated 12th January, 1988. We have heard learned counsel for the parties and they agree to the order we propose to make.
(2.) We direct that the matter shall now be placed before the Board for Industrial & Financial Reconstruction for consideration as to whether 1. it should proceed to pass an order in terms of the proposed scheme as revised in consultation with the Industrial Development Bank of India under Section 18 (4). The Board shall come to a decision after notice to all the parties and it shall act in conformity with the provisions of the Act. The Board may, if necessary, frame its own scheme or adopt the 21 revised scheme framed by the Kamani Employees Union, with such modifications as it deems fit. The Board shall also be at liberty to consider any alternative scheme at its discretion but the whole exercise shall be completed within eight weeks from today. If the objections to the Kamani Employees Union's scheme are not sustained, the said 2: scheme shall be dealt with according to law.
(3.) Looking to the fact that the industrial undertaking Kamani Tubes Limited was stopped production since more than three years now and the workers have not been paid their wages which are in arrears to the tune of several crores of rupees today, we direct in public interest 31 that if an appeal is preferred under Section 25 of the Act by any person aggrieved, the Appellate Authority constituted under Section 5 of the Act shall dispose of the appeal as expeditiously as possible.;