Honble Sunil Ambwani, J.—Heard Shri Navin Sinha, Senior Advocate assisted by Shri Vipin Sinha for the Assets Reconstruction Company (India) Ltd. (ARCIL); Shri Rajnath N. Shukla for the Official Liquidator; Shri V.M. Zaidi for ex-directors of the company; Shri Shyam Narain, Shri P.K. Sinha and Shri Sudhanshu Narain for BPL Display Devices Limited Workers Union; Shri Shahid Masood for the workmen (140), who were the employees of Uptron Colour Picture Tubes Ltd. taken over by BPL Display Devices Ltd.; Shri S.K. Misra for Central Excise Department of the Central Government and Shri K.K. Chawla, Accounts Assistant, who claims to be member of the core group of employees formed by M/s BPL Display Devices Ltd.

2. The Asset Reconstruction Company (India) Ltd. (ARCIL) is a company established to acquire non-performing assets of the financial institutions and banks with the objective of focused management of such assets and to maximize the recovery, for the secured creditors. The ARCIL is registered with the Reserve Bank of India under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short SARFAESI Act) as a secur