The petitioner availed different financial assistances from different creditors, including respondents 1, 6 and 7. In 2005, the BIFR issued an order under the provisions of the Sick Industrial Companies (Special Provision) Act, 1985, hereinafter, the SICA, for short, in pursuance to a reference made to it under Section 15 of SICA. In spite of those guidelines issued as per Ext.P2, nothing worked out and going by Ext.R3(g), the Indian Bank addressed BIFR, requesting to take suitable misfeasance proceedings against the company under the provisions of the SICA. It brought to the notice of BIFR that the movable assets of the company have already been stolen; the premises of the factory are under the Control of anti-social elements; due to militant labour present in front of the factory, it is very difficult to enter into the factory and no workers have got their settlements ever since the factory closed; no security is available in the factory even to look after the remaining machines and that the factory is completely rusted and highly dilapidated and it is very difficult for anybody to restructure.

2. With the aforesaid scenario, the secured creditors invoked provisions of