( 1 ) THE petitioner seeks quashing of order dated 2. 5. 1996 passed in appeal by the Appellate Authority for Industrial and Financial Reconstruction (hereinafter REFERRED TO to as AAIFR), and the order dated 27. 4. 1995 passed by the Board for Industrial and Financial Reconstruction (hereinafter REFERRED TO to as BIFR) and directing the Operating Agency, namely, the Industrial Credit and Investment Corporation of India (hereinafter REFERRED TO to as ICICI) to prepare a fresh scheme of rehabilitation/revival of the petitioner s industry.

( 2 ) THE short facts are, the petitioner set up a mini cement plant at Gunial Gaon in the backward district of Dehra Dun with an investment of more than Rs. 5 crore. The petitioner is a public limited company. It started commercial production from its factory in November, 1982 and provided employment to about 400 persons.

( 3 ) LATER certain petitions were filed in the Hon ble Supreme Court of India praying for closure of industrial and mining activity in the entire Doon Valley as they were polluting and degenerating ecology. These petitions succeeding, as a consequence petitioner s running industrial unit was ordered to be clo