IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION Company Application Ld. no. 238 of 2008 ISPL Industries Ltd. ..Applicant Mr.Sanjeev Punalekar i/b PRS Legal for applicant. CORAM: S.C.DHARMADHIKARI CORAM: S.C.DHARMADHIKARI CORAM: S.C.DHARMADHIKARI J. J. J. 27th June 2008 27th June 2008 27th June 2008 P.C P.C P.C 1. This petition is for sanction of the scheme under sec.391 and 393 read with Section 394 of the Companies act. The scheme proposed is of compromise/arrangement between the applicant and its secured creditors. 2. It is undisputed that the applicant is a sick industrial company. A reference was made to B.I.F.R. and B.I.F.R. has declared the applicant as a sick industrial company within the meaning of section 3(1)(o) of the Sick Industrial Companies (Special Provisions) Act, 1985. 3. In the light of the clear provisions of law and the judgment of the Hon’ble Supreme Court so also of the Division Bench of this Court, Counsel for the applicant concedes that the application is not maintainable. In the light of this statement and decisions in the field the application is not maintainable and is dismissed as such. No order as to costs. (S.C.DHARMADHIKARI J.) (S.C.DHARMADHIKARI J.) (S.C.DHARMADHIKARI J.)