( 1 ) THIS case depicts the usual dilemna which creditors, particularly the secured creditors/financial institutions, are faced with whenever a question of reconstruction and revival of a sick company comes up before the Board for industrial and Financial Reconstruction (for short, 'bifr') under the Sick industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as 'sica') or before a Company Judge of the High Court in petitions filed under section 391-394 of the Companies Act, 1956.

( 2 ) THE respondent No. 1 company, namely, M/s. Datar Switchgear Ltd. (hereinafter referred to as 'the company'), had approached the BIFR when it had become a sick industrial company. The reference was registered and ICICI Bank was appointed as the operating agency to formulate the scheme. The scheme has been sanctioned by the BIFR to which most of the secured creditors have consented and are ready to accept the dues as per the sanctioned scheme, that too in a staggered manner. However, the petitioner bank feels aggrieved. Admittedly, the principal amount payable by the company to the petitioner was to the tune of Rs. 9 crores and according to the petitioner, after