( 1 ) THIS appeal is preferred by the Management of Mangalore Chemicals and Fertilizers Limited under Section 10f of the Companies Act, 1956, for short, "the Act", challenging the order dated 27-8-2003 passed by the Company Law Board (CLB), Southern Region Bench, Chennai, represented by its Chairman, the 1st respondent herein, disposing of the appellant's Company petition No. 468/141/srb/2003 filed before them, without granting the relief sought under section 141 of the Act for condoning delay in the matter of filing satisfaction of charge under section 138 of the Act.

( 2 ) THE facts of the case, in brief, are - The appellant-company was incorporated on 18-7-1966 under the Act. It was originally under the management of the Government of Karnataka and was taken over by the present management (UB group) in 1990 under a Rehabilitation Package formulated by the Government of Karnataka, financial institutions and banks. It is stated that the package could not be implemented in its entirety in view of the fact that certain financial assistance, contemplated under the rehabilitation scheme, was not extended. In the circumstances, on 25-6-1991, the company entered into a