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2014 (1) TMI 1388 - HC - Companies LawRejection of reference under SICA - Reference based on the audited balance sheet - Erosion in net worth - Delay in filing reference - Held that:- only one point was urged before AAIFR and that was with regard to whether the petitioner fell within the classification of small enterprise under the Micro, Small and Medium Enterprises Development Act, 2006 or not. The petitioner had not even taken the point with regard to the rejection of the reference of account of delay as was recorded by the BIFR - consideration of the question as to whether the petitioner was a small enterprise under the said Act of 2006 or not would be academic in the backdrop of the fact that the petitioner did not challenge the other ground of rejection of his reference on the point of delay before the AAIFR. We, however, leave the question with regard to classification as a small enterprise open and do neither confirm nor reject the stand taken by the AAIFR. Insofar as the point of delay is concerned, we have not gone into the issue as to whether the delay was sufficiently explained or not because that point was not even taken before the AAIFR and, consequently, was not, as it could not have been, taken before us - Decided against Petitioner.
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