R.K. Batta, Presiding Member—Both these revisions arise out of a common judgment of the State Commission and as such the same were heard together. We have heard Counsel for the petitioner on admission and he has submitted before us that the Petitioner/Director cannot be made liable in his personal capacity and the Company-Respondent No.4 has sufficient assets to satisfy the claim of the complainants. Learned counsel stated that a reference was made under Section 15 of Sick Industrial Companies (Special Provisions) Act, 1985 and inquiry under Sections 16 & 17 is pending before BIFR and proceedings in question cannot continue in view of Section 22 thereof. It is further submitted that official liquidator has been appointed. It may be pointed out at this stage that in support of this submission no material has been produced except for a letter dated 25.10.2002 which only speaks of receipt of reference under Section 15(1) of SLC (SP) Act 1985 and that the same is registered. It may be pointed out at this stage that Sick Industrial Companies (Special Provisions) Act, 1985 has been repealed by Sick Industrial Companies (Special Provisions) Repeal Act, 2003. BIFR and Appellate Board