JUDGMENT

NAVIN SINHA, J.

Leave granted.

2. The appellant is an assignee of debt by the Industrial Finance Corporation of India Ltd. (hereinafter called as “IFCI”) for the outstandings of M/s. Mahendra Petrochemicals Ltd. (hereinafter referred to as “M/s. MPL”). It is aggrieved by the appellate order dated 02.09.2016 in O.J. Appeal No.4 of 2016, declining to interfere with the orders of the Company Judge dated 31.07.2015 in Company Application No.248 of 2014, and also the order dated 07.09.2015, in OJMCA No.170 of 2015 declining to recall/review the order dated 31.07.2015.

3. It is not considered necessary to set out and deal with the entirety of the facts and circumstances of the case, except to the extent necessary for the purposes of the present order, in the limited nature of the controversy arising in the present appeal.

4. Company Petition No.150 of 1996 was filed for winding up of M/s. MPL. The company was also referred for rehabilitation to the Board for Industrial and Financial Reconstruction (hereinafter referred to as “BIFR”) in Reference No.385 of 2000. During pendency of the same, without permission or knowledge of the BIFR, M/s. MPL entered into an unregistered memoran