JUDGMENT

Dr. Dhananjaya Y. Chandrachud, J

1. The genesis of this set of proceedings dates back a decade, when steps were initiated for protecting the interests of the employees and other stakeholders of Super Bazar, a Multi-State Cooperative Society, through a revival scheme under the supervision of this Court. Super Bazar incurred huge losses on account of irregularities in management and was unable to make payments towards arrears of wages, pensions and other benefits to its employees. It was unable to discharge its liabilities towards other stakeholders as well. Pursuant to an order dated 5 July 2002 issued by Central Registrar of Co-operative Societies, Super Bazar went into liquidation. The order of liquidation was challenged by the Employees’ Union before the Delhi High Court. Eventually, proceedings came to this Court by way of Special Leave Petitions. In order to preserve the interests of all the stakeholders, this Court constituted a three-member committee to prepare and submit a comprehensive scheme for revival. The Committee identified three bidders. Out of them M/s