- (1.) By way of present petitions, the petitioners seek review of the order dated 04.04.2014 passed by this court in WP (C) Nos.5010/2011, 5954/2011 and 5197/2011 whereby this court rejected the preliminary objection of the petitioners, that the matter was decided by a bench of Board for Industrial and Financial Reconstruction (hereinafter referred to as "BIFR") which had not heard the arguments.
(2.) M/s Incab Industries Ltd is a sick industrial company. In October, 1999 a reference was made by it to the BIFR and subsequently, it was declared a sick industrial company by an order passed by the BIFR dated 04.04.2000. The State Bank of India (hereinafter referred to as "SBI") was appointed as the Operating Agency ("OA") under section 17(3) of the Sick Industrial Companies (Special Provisions) Act,1985 (hereinafter referred to as "SICA") to examine the viability of the company and submit a rehabilitation scheme.
(3.) After several years, three proposals were submitted by Silver jubilee Infrastructure Ltd., R.R.Kabel and Land Lease Co. Ltd. (LLC). These proposals were examined by the OA which also held discussions with its propounders. Thereafter, several rounds of litigation followed. In the meantime two other companies also joined in, namely, Pegasus Assets Reconstruction Pvt. Ltd. (PARL) and TATA Steels Ltd. (TSL). They also submitted their respective draft rehabilitation schemes (DRS).;