( 1 ) CHALLENGE in this writ petition is to the orders dated 14/03/2000, 2 1/05/1998 arid 5/08/1999, passed by Appellate Authority for Industrial and financial Reconstruction (in short "aaifr") and the Board for Industrial and Finan- cial Reconstructions (in short "bifr") respectively in proceedings under the Sick In- dustries Companies (Special Provisions) Act, 1985 (in short "act" ).

( 2 ) IN a nutshell the background facts are as follows : petitioner set up a unit for manufacturing Super Enamelled Copper wires at chandivali, Mumbai in 1958. Subsequently it set up another unit at Waluj, Auran- gabad for manufacturing Copper wires, Commercial production commenced in the second unit in September 1992. A lock-out was declared at the 1st unit in January 1993. Subsequently, in September 1995 lock-out was declared at the second unit. Lock-out declared at the second unit was lifted in April 1996. On 15/01/1996 petitioner made a reference to the BIFR under Section 15 (1) of the Act. On 1 8/03/1996 BIFR declared the petitioner a sick company within the meaning of the act and appointed Industrial Development Bank of India (in short "idbi") as the operating Agency (in short "