( 1 ) IN this petition under Article 226 of the Constitution of India the petitioners seek a writ of certiorari or any other writ, order of direction requiring the first respondent to consider the proposal of the petitioner along with that of third respondent for rehabilitation of the second respondent, a sick industrial company, and then to accept the same, if found to be viable.

( 2 ) THE second respondent was declared a sick company within the meaning of clause (o) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985, (for short the Act ). This was by an order of the Board for Industrial and Financial Reconstruction (for short the BIFR ) established under the Act. Since the BIFR was of the opinion that that the second respondent was not likely to make its net worth exceed the accumulated 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 and that it was just and equitable that the company should be wound up, it directed that the second respondent be wound up. This was by order dated 20 October 1993. The second respondent filed an appe