Binny vs Authority for Industrial and Financial Reconstruction

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2003 Supreme(Mad) 1463

P.D.DINAKARAN
Binny – Appellant
Versus
Authority for Industrial and Financial Reconstruction – Respondent

Advocates:
R. Krishnamurthy, Sr. Counsel, for Petitioner; Mrs. Pushya Sitaraman, for Respondents 1, 36, 37. M.
Balachandar, for Respondents 3, 41. P. L. Narayanan, for Respondents 4, 5. Rangarajan, for Respondent 6. Ramalingam, for Respondents 7, 8. M. S. Palanisamy, AGP, for Respondents 11, 22, 26, 44. K. Kumar, ACGSC, for Respondent 12. Vasan, for Respondent 15. N.G.R. Prasad, for Respondents 16 to 18, 27, 34, 42, 56 to 86. V. K. Vijayaraghavan, for Respondent 19. G. Vasudevan, for Respondent 20. V. G. Suresh Kumar, for Respondent 24. Murali, for Respondent 28. S. Jegadeeswaran, for Respondents 43, 45. V. Ayyathurai, for Respondent 46. G. Purushotaman, for Respondent 47. V. Vibhishanan, for Respondent 49. Neelakandan, for Respondent 54. K. M. Ramesh, for Respondent 55. T. K. Bhaskar,
for Respondent 87.

ORDER :- I - THE SUBSTANTIAL ISSUE

Whether the 1st respondent, namely the Appellate Authority for Industrial and Financial Reconstruction (for brevity "the AAIFR") and 2nd respondent, namely the Board of Industrial and Financial Reconstruction (for brevity "the BIFR"), statutory authorities under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985 (for brevity "the SIC Act") have exercised their discretionary powers conferred under the provisions of the SIC Act blended with the duty cast on them under the SIC Act, is the short, but, vital issue that arises for my consideration in the above writ petition, testing the same in the teeth of judicial review conferred under Article 226 of the Constitution of India, to render complete justice in order to achieve the object of the above legislation.

2.1. The petitioner company is having the following divisions :

(a) a textile division manufacturing and marketing cotton, silk and man-made fibre blended fabrics and woollen blended fabrics like cotswol and Angola having its mills, namely Buckingham and Carnatic Mills (B and C Mills) at Perambur (Chennai) and Bangalore;

(b) an Engineering Division (manufacturing and mark

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2003 Supreme(Mad) 1463

P.D.DINAKARANBinny – AppellantVersusAuthority for Industrial and Financial Reconstruction – Respondent

P.D.DINAKARAN
Binny – Appellant
Versus
Authority for Industrial and Financial Reconstruction – Respondent