M.C.Agarwal, J. - (1.) By this petition under Article 226 or the Constitution of India, the petitioners challenge an order dated February 14, 1994, passed by the Board for Industrial and Financial Reconstruction under Section 20 of the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as "the Act"), recording an opinion that the company, petitioner No. 1, cannot be revived and should be wound up and an order dated August 10, 1994, passed by the Appellate Authority for Industrial and Financial Reconstruction dismissing an appeal against the first mentioned order.
(2.) Counter and rejoinder affidavits have been exchanged.
(3.) I have heard Sri K. L. Grover, advocate, for the petitioner, and Sri R. P. Agarwal, advocate, for respondents Nos. 3, 5 and 6, and Sri Ashok Srivas-tava for respondent No. 8. No other respondent appeared and contested the petition.;