JUDGMENT

Paripoornan, J.-Special leave granted.

2. Respondents 1 to 4 in writ petition No. 21973 of 1995 before the High Court of Andhra Pradesh, representing the Commercial Tax Department, Andhra Pradesh, are the appellants in this appeal. The petitioner and respondents 5 and 6 in the writ petition are respondents 1 to 3 in this appeal. This appeal is filed against the judgment and order of the High Court of Andhra Pradesh dated 4.11.1995.

3. The petitioner in the writ petition is M/s. Corromandal Pharmaceuticals Ltd. The said company manufactures and markets bulk drugs and formulations. It was declared as a sick industrial company under the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as the Act (Act No. 1 of 1986) by the Board for Industrial and Financial Reconstruction (shortly called BIFR ). The Industrial Reconstruction Bank of India (shortly called IRBI ) has been appointed as the operating agency. The BIFR sanctioned a scheme for the rehabilitation of the petitioner in case No. 160 of 1988 in exercise of its powers under Section 18(4) read with Section 19(3) of the Act after obtaining the consent of the concerned financial institutions,