Judgment

KASLIWAL, J. :- Special leave granted.

2. The appellant Crescent Iron and Steel Corporation Limited (in short the appellant-company), a private limited company was running a foundry. The appellant declared a lock out in its foundry in July 1985. The appellant-company made a reference to the Board for Industrial and Financial Reconstruction (hereinafter referred to as the BIFR) u/S. 15(1) of the Sick Industrial Company (Special Provisions) Act, 1985 (in short SICA). During the pendency of the said reference the appellant-company made an application to the State of Maharashtra under S. 25-0 of the Industrial Disputes Act, 1947 for seeking permission to close down its undertaking located at Goregaon and requested the BIFR to revive the undertaking at another location preferably in a backward area of Maharashtra. The appellant-company also alleged to have paid up all the secured and unsecured creditors of the company as well as all the workers employed in the foundry. The BIFR on 15-2-1991 passed an order proposing the winding up of the appellant-company. On 16-5-1991 at a general meeting of the appellant-company a special resolution was passed by the shareholders that the order