Rajiv Shakdher, J.

1. By this writ petition a challenge is laid to the order dated 09.03.2011 passed by the Appellate Authority for Industrial and Financial Reconstruction (hereinafter referred to as "AAIFR") in Appeal No. 128/2006 and order dated 08.03.2006 passed by the Board for Industrial and Financial Reconstruction (hereinafter referred to as "BIFR") in case No. 379/2003. For the sake of convenience the aforementioned orders will be collectively referred to as the impugned orders.

2. In brief the Petitioner before us is aggrieved by the order passed by the BIFR which has been sustained by the AAIFR whereby the reference filed by it has been held to be non-maintainable on the sole ground that on the date of institution of the reference it was not an industrial company within the meaning of Section 3(1)(e) of the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as "SICA").

2.1 The reasoning adopted by the BIFR in passing order dated 08.03.2006 is briefly that the Petitioner had filed its reference on 17.10.2003. However, even prior to the said date the Pradeshiya Industrial Investment Corporation of Uttar Pradesh (in short "PICUP"), which w