Patherya, J.

Two applications have been filed by the Union of India, the 100% shareholder in Bengal Immunity Ltd. (BIL) for stay of the winding up order dated 6th July, 2005 and for setting aside the order dated 1st March, 2006 and modification of the order dated 24th March, 2006.

Case of the Applicant

The case of the applicant contributory is that a reference was filed before the Board for Industrial and Financial Reconstruction (BIFR) in 1992. An order was passed on 25th February, 2003 recommending winding up of the Company (in liquidation). An appeal was filed by the Workers’ Union before the Appellate Authority (AAIFR). Such appeal was dismissed on 13th May, 2005 and thereafter restored and order passed setting aside the order recommending winding up passed by BIFR. Prior to the order of AAIFR the matter was placed under Section 20 of the 1985 Act before the Company Court and by order dated 6th July, 2005 an order of winding up was passed. The applicant seeks stay of the winding up order as bonafide steps has been taken by the contributory to revive the Company (in liquidation) on the basis of a revival report submitted. United Bank of India is the only secured credi