- (1.) The respondent No. 1, hereinafter referred to as STMC was the owner of a plot of land measuring about 76.5 Cottahs at Premises No. 33/1A, Upen Chandra Banerjee Road, Kolkata 700054, hereinafter referred to as the said premises, situate outside the Original Side jurisdiction of this Court.
(2.) The said premises was, however, mortgaged to the respondent- Bank as security for loans advanced by the respondent-Bank to STMC. In 1998 the Board for Industrial and Financial Reconstructions (BIFR) declared STMC a sick company under the Sick Industrial Companies (Special Provisions) Act, 1985.
(3.) STMC preferred an appeal before the Appellate Authority for Industrial and Financial Reconstruction, (AAIFR). The appeal was, however, dismissed. Thereafter, STMC filed a writ petition being W.P. No. 1557 of 1998 in this Court challenging the order of AAIFR.;