( 1 ). The present company petition was registered on the basis of a reference made by the Board for Industrial and Financial Reconstruction (BIFR) upon reaching a conclusion that the promoters of the company were not serious in rehabilitating the company nor were they resourceful enough to mobilize the funds required for this purpose and were only enjoying the protection under the Act unduly. The Board on the facts of the case was of the prima facie confirmed opinion that the respondent company was not likely to make its net worth exceed its accumulative losses within a reasonable time while meeting all its financial obligations and that the company as a result thereof was not likely to become viable in future. Accordingly, it recommended that it was just, equitable and in public interest that the respondent company should be wound up under Section 20 (1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA ). The aforesaid opinion of the board was forwarded, to this Court on the basis of which this company petition was registered in this Court.

( 2 ). In the aforesaid company petition the applicants, namely, the owners of the property be