B.AMIT STHALEKAR,J. - (1.) Heard learned counsel for the petitioner and the learned standing counsel for the State respondent.
(2.) The petitioner in the writ petition is seeking quashing of the order dated 21.10.2016 passed by the Managing Director, Uptron Powertronics Ltd, Sahibabad, Ghaziabad-respondent no. 4, where by he has been voluntarily retired from service.
(3.) Briefly stated the facts of the case are that the petitioner was appointed as Senior Assistant (Administration) in the Uptron Colour Picture Tubes Ltd., a public sector undertaking vide order dated 30.4.1987 on a probation of 12 months. It is stated that he was transferred to the Uptron Powertronics Ltd. ( hereinafter referred to as the UPL) which is a subsidiary Company of U.P. Electronics Corporation Limited on 25.9.1995. It is stated that the net worth of Uptron Powertronics Ltd. started eroding and as per the balance sheet as on 30.9.1999 the financial network stood completely eroded and the Company was referred to the Sick Industrial Company under section 15(1) of Sick Industrial Company (Special Provision) Act, 1985 before the Board of Industrial and Financial Reconstruction (hereinafter referred to as the BIFR) which was registered as case no. 602 of 2000. It is stated that the Draft Rehabilitation Scheme is still under consideration before the BIFR. In the meantime the UPL launched a voluntary Retirement Scheme dated 25.6.2002, copy of which has been filed as Annexure-4 to the writ petition, which provided that it was applicable to an employee of the Company who had completed 10 years of service or 40 years of age, if he has not availed the benefit of any other voluntary retirement scheme in the past.;