- (1.) We have heard the learned Counsel for the Appellant at length.
(2.) The Appellant is the promoter/ex-management of Rajhans Steel Ltd. (in liquidation) (hereinafter referred to as the Company, for short).
(3.) Bereft of the long drawn out facts relating to the history of this litigation which will only cause confusion, the basic facts are that the Company became sick, its case was considered by the BIFR under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as SICA). Under Section 20 of SICA, the BIFR recommended that the Company be wound up as its rehabilitation was not possible.;