- (1.) This application has been filed by the defendant for recalling and/or modification of the orders dated August 19, 2002 and September 16, 2002 in G.A. No. 4936 of 1999.
(2.) Facts pleaded by the defendant briefly are as follows: The petitioner filed an application before the Board for Industrial and Financial Reconstruction (hereinafter referred to as BIFR) and the BIFR has rejected their prayer to declare the defendant company as a sick company. Hence an appeal has been filed by the defendant before the AAIFR, which is pending. Therefore, no proceeding can be initiated and/or continued in this Hon'ble Court until the matter is disposed of by the said AAIFR.
(3.) Mr. P.K. Das, learned senior counsel appearing on behalf of the petitioner contended that the plaintiff instituted a suit against the defendant for a declaration that the plaintiff is the owner of the equipments mentioned in the Hire Purchase Agreement (hereinafter referred to as the said agreement) and further a decree that the plaintiff is the owner of he said equipments. According to him, no suit can be proceeded at this stage.;