CWP No.8922 of 2010.doc - 1 – HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH **** CWP No.8922 of 2010 Date of Decision: 11.08.2010 **** Punjab State Industrial Development Corp. Ltd. . . . . Petitioner VS. Appellate Authority for Industrial and Financial Reconstruction & Ors. . . . . Respondents **** CORAM : HON’BLE MR.JUSTICE SURYA KANT **** 1. Whether Reporters of local papers may be allowed to see the judgment? 2. To be referred to the Reporters or not? 3. Whether the judgment should be reported in the Digest? **** Present: Mr. Arun Walia, Advocate for the petitioner ***** SURYA KANT J. (ORAL) (1). The petitioner – PSIDC is aggrieved by the order dated 04 th December, 2006 (Annexure P3) passed by the Board of Industrial and Financial Reconstruction (BIFR) which has been further upheld by the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) vide its order dated 4 th November, 2008 (Annexure P8). (2). The BIFR has approved and sanctioned the Rehabilitation Scheme for revival of the third respondent who was registered as a ‘sick industry’ on 19 th July, 2001. The objections filed by the petitioner- Corporation against the Rehabilitation Scheme have been turned down by the BIFR while making a CWP No.8922 of 2010.doc - 2 – judicious attempt for the discharge of its debt liability by the Sick Company through proportionate payments amongst Secured and Unsecured Creditors and the petitioner, who has been otherwise held to be an Unsecured Creditor, has also got the arrears of interest to the tune of Rs.21,27,000/-. The petitioner’s objection that the Board of respondent No.3 – Company has been holding its meetings behind the back of the petitioner as well as its 26% shareholding has been accepted by the BIFR with a direction to the Board of Directors to invite the petitioner’s nominee in every meeting by giving notice of meeting together with agenda papers well in advance. That being so, I find no ground whatsoever to interfere with the impugned orders dated 04 th December, 2006 and 4 th November, 2008 (Annexure P3 & P8, respectively). (3). Dismissed. (SURYA KANT) JUDGE 11.08.2010 vishal shonkar