A.M. Khanwilkar, J.

1. Heard counsel for the parties.

2. This Petition, under Article 226 of the Constitution of India, takes exception to the order passed by the Appellate Authority for Industrial & Financial Reconstruction, New Delhi, dated 13th January, 2010, whereby the prayer for interim relief during the pendency of Appeal preferred by the Petitioner has been rejected. The Petitioner, by the said Appeal, had questioned the correctness of the order passed by the Board For Industrial And Financial Construction (BIFR) dated 7th January, 2009.

3. Briefly stated, the question that arises for our consideration is in the context of the fact that the Respondent No.5-bank claims to be the sole secured creditor of the Respondent No.3-borrower. The Reference was pending before the BIFR for revival of the Respondent No.3-company. During the pendency of the said proceedings, the Respondent No.5-bank invoked remedy under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short “Securitisation Act”) and proceeded with the sale of properties of Respondent No.3. Consequent thereto, the movable and immovabl