M.H.S.Ansari, J. - (1.) The appellant herein is the 'Company' which has been directed to be wound up by an order dated 3.8.1994 of the learned Company Judge in Company Petition No. 281 of 1993. Aggrieved thereby the instant appeal has been preferred.
(2.) After having heard the learned counsel for either parties we are of the opinion that it is not necessary to deal with various contentions urged before the court by the learned counsel for either parties and only certain relevant facts need to be noted. They are :-the company on or about 17.1.89 made reference before the Board for Industrial and Financial Reconstruction (for short BIFR.) under section 15(1) of the Sick Industrial Companies (Special Provision) Act, 1985 (hereinafter referred to as 'the Act'). After an enquiry the BIFR on 11.12.1989 under section 10(1) of the Act came to the conclusion that the company has become a Sick Industrial Company within the meaning of the provision of section 3(1) (b) of the Act. It was, therefore, deemed fit, by BIFR to explore the possibility of reviving the company. In exercise of the power conferred on BIFR under section 17(3) of the Act, IRBI was appointed as an operating agency to examine the viability and prepare a scheme for revival/rehabilitation of the company in terms of section 18 of the Act. Ultimately by his order dated 12.11.1991 BIFR recorded its opinion that it is just and necessary that the company should be wound up in terms of section 20 of the Act.
(3.) Aggrieved by the said order the company preferred an appeal before the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) which was disposed of by an order dated 26th August, 1993 dismissing the appeal filed by the company as also Appeal No. 114 of 1991 filed by the Eastern Paper Mill Ltd. Workers Union, Calcutta on the ground that there appears to be no possibility for rehabilitation of the company.;