G.S. Sistani, J.:-

CAV 1180/2015

1. Mr.Sethi, learned Senior Advocate, on instructions from the counsel for the respondents, enters appearance on behalf of the respondents.

2. Accordingly, caveat petition stands disposed of.

CM APPL. 26438/2015

3. Exemption allowed subject to all just exceptions.

4. Application stands disposed of.

W.P. (C) 10488/2015

5. With the consent of counsel for the parties, this matter is heard at the admission stage itself.

6. Present writ petition has been filed by petitioner under Article 226 read with Article 227of the Constitution of India against the Order dated 28.10.2015 passed by Appellate Authority for Industrial and Financial Reconstruction (hereinafter referred to as the “AAIFR”), by which an Order dated 19.7.2010 passed by the Board for Industrial And Financial Reconstruction (hereinafter referred to as the “BIFR”) by which the application (M.A. No. 424/BC/2010) filed by the petitioner herein was dismissed. In M.A. No. 424/BC/2010 the petitioner made the following prayers:

“Direct ASC to withdraw the cancellation of the proposed sale and not to forfeit the EMD amount as have been conveyed by it vide its letter dated 25.06.2010.

Direct ASC to pro