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2009 (7) TMI 778 - HIGH COURT OF CALCUTTALocus standi of the petitioners to maintain the proceedings - Held that:- There is nothing in the order of June 27, 2008, to sustain interpretation that the BIFR had to restrict itself to the process envisaged under section 17 of the said Act and not to invoke its authority under section 18 of the Act to change the management. Further, the BIFR has not directed a change in management. The BIFR has also indicated that the company's proposal would be considered. The BIFR acted most judiciously in telescoping the process for assessing the revival package by avoiding further delay. If the BIFR does not find the company's proposal worthy, it would immediately have before if other proposals that may be considered and found suitable. It has only avoided the possible delay that would have occasioned in the event the company's proposal was to be rejected. The company's objection to this betrays the promoters' motive in lingering the process, which cannot be condoned. In fine, the appellate authority's order of March 19, 2009, is set aside and the BIFR's order of September 2, 2008, is revived. The appearing parties submit that the BIFR has convened a meeting relating to the company on July 7, 2008. The BIFR should complete the exercise that it has embarked upon expeditiously as possible, considering that this company has remained in its records for 22 years.It is also made clear that this order should not be taken to be a recognition of the locus standi of the petitioners to represent the workers of the company and the BIFR will be free to arrive at a decision on such aspect of the matter.
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