J U D G M E N T

ASHOK BHUSHAN, J.

This appeal has been filed by the appellant challenging the order dated

17.01.2023 passed by the adjudicating authority (National Company Law Tribunal, Cuttack Bench, Cuttack) in TP No. 99/CTB/2019 (Formerly C.P. No.342/KB/2017 on file of NCLT/Kolkata). The petition filed by the appellant has been rejected by the NCLT, aggrieved by the order, this appeal has been filed.

2. Brief background facts of the case giving rise to this appeal need to be noticed:

i. The appellant is a Public Limited Company engaged in the business of manufacture and sale of fertilizers and other related products. The net worth of the appellant company turned negative in the financial year ending on 30.09.2002.

ii. The appellant filed a reference under provision of Sick Industrial Company, Special Provisions Act, 1985 (hereinafter referred to as “SICA”), which was registered as Case No. 238/2003. Appellant was declared a SIC Industrial Company by Board for Industrial and Financial Reconstruction (“BIFR”) by order dated 20.07.2005. Draft Rehabilitation Scheme (“DRS”) was prepared and circulated to all parties including Government of Orissa.

iii. BIFR heard the objection of DRS on 15.