respect to such companies. An Appellate Authority for Industrial and Financial Reconstruction (AAIFR) was also constituted. 2. Several issues have arisen in relation to different
Authority for
Industrial and Financial Reconstruction (hereinafter referred to as "the AAIFR")
which permitted the company to dispose ... company, filed application before the Appellate
Authority for Industrial and Financial
Reconstruction (AAIFR) contending therein that the
promoters of the petitioner company were guilty
before the
Appellate Authority for Industrial and Financial Reconstruction (for short
the ‘AAIFR’) under Section 25 of the Act of 1985. The AAIFR made major ... process of completion. While dealing with the order of the BIFR, AAIFR
vide its order dated 28th May, 2010, set aside certain findings
preferred thereagainst before the Appellate Authority for Industrial and
Financial Reconstruction (AAIFR).
5. The AAIFR granted stay of operation of the order of BIFR dated ... 27th
October, 2004 by an order dated 13th September, 2005. Before the AAIFR
two separate Schemes were framed, one of them related to an arrangement
recommending winding up of the company was challenged by the company before AAIFR in Appeal No. 127 of 1993. The company court was unaware ... order of winding up, during the pendency of the appeal before AAIFR having regard to the bar contained in Section 22(1) of SICA
SICA being Appeal No. 246/2008 before the appellate authority i.e.
AAIFR on 03.12.2008.
6. In the other parallel proceedings pending before ... Page 5 of 20
7. The proceedings initiated before the AAIFR against the order of the
BIFR dated 12.11.2008, however, failed when the appeal
petitioner, thus, aggrieved by the
scheme preferred an appeal before the AAIFR to the extent it
provided a dispensation for payment of unsecured creditors ... 4854 of 2011 Page 2 of 23
carried further and ultimately the AAIFR had to decide the matter
on merits.
5. The impugned order records
matter was referred to the Appellate Authority for
Industrial and Financial Reconstruction (“AAIFR”). During this
period, JKSL signed a Memorandum of Understanding with
Respondent ... JKSL. The second
agreement of 22.10.2002 also contained similar provisions.
18. Eventually, AAIFR sanctioned a rehabilitation scheme for
JKSL on 23.01.2003. The scheme referred
passed by
the Appellate Authority for Industrial and Financial
Reconstruction, New Delhi (AAIFR) and remitted the
matter to it for passing fresh order after giving ... opportunity of hearing to all the concerned parties. The
AAIFR order (that was set aside by the High Court) had
dismissed the appeal filed
dated 20.9.1999, but the same was set aside by the Appellate Authority (AAIFR), on 28.4.2000 and the case was remanded back to BIFR ... maintainable and the petitioner filed an appeal once again before AAIFR.
(v) By an order dated 10.5.2001, the AAIFR again set aside the second order
