Veena Birbal, J.

1. By way of present petition under Article 226 and 227 of the Constitution of India, petitioner has challenged impugned order dated 03.03.2008 passed by the Appellate Authority for Industrial and Financial Reconstruction, New Delhi (hereinafter referred to as ‘AAIFR’) wherein it is held that respondent no.2 is no more a sick industrial company under Section 3(1)(o) of Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as ‘SICA’) as its net worth has turned positive as such Board for Industrial and Financial Reconstruction (hereinafter referred to as ‘BIFR’) as well as AAIFR ceases to have any jurisdiction over the said company.

2. Briefly the facts necessary for disposal of present writ petition are as under:-

On 22.06.1998, respondent no. 2, i.e., Dunlop India Ltd was declared a sick industrial company in terms of Section 3(1)(o) of SICA and IDBI (Industrial Development Bank of India) was appointed as the O.A. (Operating Agency) under Section 17(3) of SICA to examine the viability of the company and submit its report for its revival. Subsequently, the O.A. was changed and State Bank of India was appointed as the O.A. After