(PRAYER: Original Side Appeals filed under Order 36 Rule II of O.S. Rules read with Clause 15 of the Letters Patent against the order of the learned single Judge dated 05.07.2005 made in Company Application Nos.712 and 713 of 2005 in C.P.No.17 of 2004.)

A.P. Shah, C.J.

Whether an Asset Reconstruction company formed under the Securitisation and Re-construction of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to for brevity’s sake as ‘Securitisation Act’, is entitled to be associated in the process of the sale of assets of a company under liquidation along with the Official Liquidator is the question which falls for our consideration in these appeals.

2. The facts leading to this appeal are that SIV Industries Limited (formerly South India Viscose Limited) run into financial difficulties and was declared as a sick industrial company within the meaning of Section 3(1)(o) of the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter called SICA) by order dated 09.07.2002. Attempts at re-habilitate proved unsuccessful. BIFR ultimately recommended that SIV Industries Limited should be wound up under Section 20(1) of S