( 1 ) THE present writ petition has been filed by the Kelvin Jute Company Limited, a Public Limited Company and one of its Shareholder challenging the orders issued by the Appropriate Authority constituted under section 269ud of the Income-tax Act dated November 25,1988 and May 2,1989 and to refrain from giving any effect to or taking any steps in terms thereof or thereunder and to issue to the petitioners (No Objection Certificate) in respect of the transfer of the land. It is stated that the petitioner no. 1 Company is the owner of the land situated at no. 3, Burdwan Road, Calcutta containing an Area 19 Cottahs 13 Chittacks 5 Sq. Ft. and on the said premises there are several buildings, dwelling houses, tenants, tiled roof structures and shops which have been let out to several monthly tenants and the remaining portion of the said premises has been mortgaged by the Company with the State Bank of India for securing loans and advances for the purposes of its business. The petitioner no. 1 Company is stated to be a sick industrial unit within the meaning of the Sick Industrial Companies (Special Provisions) Act of 1985. It is claimed that the Industrial Reconst