Court : Allahabad
Decided on : Jan-08-2014
Ashok Bhushan, J. These two writ petitions filed by the same petitioners have been heard together and are being decided by this common judgment. Counter and rejoinder affidavits have been exchanged in Writ Petition No.48250/2013, which is being treated as leading writ petition. Brief facts giving rise to both the writ petitions are: The petitioner no.1 is a registered company under the Companies Act, 1956, and has been carrying out its activities since 1995. The petitioners' company suffered heavy losses in the financial year 2008-09 and 2009-2010. A reference under Section 15 of the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter called the "Act, 1985") was made by the petitioners Company before the Board for Industrial and Financial Reconstruction (hereinafter called the "BIFR") in the Month of October, 2010. The reference was registered as BIFR Case No. 53/2010. The Board proceeded with the reference and called for certain informations and in its proceedings da...
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