- (1.) THIS mandamus appeal is at the instance of unsuccessful writ-petitioners and is directed against order dated 11th April, 2007 passed by a learned single Judge by which his Lordship dismissed the writ-application filed by the appellants in which they basically challenged the order dated 18th December, 2006 passed by the Board for Industrial and financial Reconstruction (hereinafter referred to as the "bifr") in Case No. 230 of 2004 recording that the said case had abated in terms of Section 15 of the Sick Industrial companies (Special Provisions) Act, 1985 (hereinafter referred to as the SICA) and further challenged the action on the part of the respondent/secured creditors in taking action in terms of Section 13 (4) of the securitisation and Reconstruction of Financial assets and Enforcement of Security interest Act, 2002 (hereinafter referred to as the "securitisation Act" ).
(2.) THERE is no dispute that the appellant no. 1 took loan from the Bank of India and the Central Bank of India but could not repay the said debt. In the month of november 2003 and December 2003, the aforesaid two Banks issued two different notices under Section 13 (2) of the Securitisation Act and subsequently without taking any further action under the provisions of the securitisation Act, initiated proceeding before the Debt Recovery Tribunal for realisation of the respective dues.
(3.) SUBSEQUENTLY, on 8th May, 2004, the writ petitioner/appellants in order to rehabilitate itself initiated proceedings before the bifr under Section 15 of the SICA and by order dated 14th June, 2006, the BIFR appointed the Central Bank of India as the operating agency of the appellants. On 27th november, 2006, the BIFR issued notice upon all the parties thereby fixing the hearing of the application on 18th December,2006.;