2004 (7) TMI 370

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..... er. Ms. Puja Jain and Ms. Prem Lata Bansal for the Respondent. ORDER 1. Since at the relevant time, Appellate Authority for Industrial and Financial Reconstruction (for short 'the AAIFR'), was not functional order, dated 7 January 2004, passed by the Board for Industrial and Financial Reconstruction (for short 'the BIFR') was challenged by means of this writ petition. Taking note of the report o .....

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..... as been done. We have heard learned counsel for the petitioners and the operating agency. The Income-tax Department is represented by Ms. Premlata Bansal. No other respondent has chosen to appear. 3. In the additional affidavit filed by the petitioners on 15 July 2004, it is stated that the rehabilitation scheme sanctioned by the AAIFR vide order dated 31 August 2001 has been substantially imple .....

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..... penditure 228 137 183 45 OTS of Canara Bank dues 1237 0 1237 0 OTS of Institutional/ debenture holders dues 1157 0 1157 0 Repayment of MSTC dues 383 0 275 108 Repayment of leasing companies dues 363 10 297 66 Payment of statutory dues 200 47 107 93 Payment to FGFSL Ltd. 62 0 62 0 Cash losses during rehabilitation period 153 0 153 0 Margin money for working c .....

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..... he will strictly comply with the terms of the sanctioned scheme. He will remain bound by the undertaking given to the Court. 5. In view of the subsequent developments, projected in the additional affidavit, we feel that the scheme sanctioned by the AAIFR has been substantially implemented and in the light of the undertaking given by the existing promoters, it would be expedient to give one chance .....

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..... tion as expeditiously as practicable and if possible before 31 July, 2004, provided that all the parties are represented before them on the date fixed. We may, however, clarify that we have not expressed any opinion on the merits of the said application, which shall be dealt with by the BIFR on its own merits. 7. The writ petition stands disposed of in the above terms.
Case laws, Decisions, J .....

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