Sat. Jan 23rd, 2021

Rajasthan Trade Union Kendra & … vs Board Of Indutrial And Financial … on 1 March, 2016

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2. M.A. 575/2011 was initially heard by a Bench comprising of Shri
Nirmal Singh, the then Chairman BIFR and Shri Y.K. Gaiha member on
July 26, 2012. A difference of opinion arose between Shri Nirmal Singh and
Shri Y.K. Gaiha. As per Shri Nirmal Singh, Arafat was a company with a
positive net worth thus it was not covered under SICA and the revised
MDRS could be submitted only by a joint venture company which was
approved by Appellate Authority for Industrial & Financial Reconstruction
(AAIFR). In view of the major violation in the scheme, Shri Nirmal Singh
held that first notice is required to be issued to M/s J.K. Synthetics Ltd.
(JKSL) and Arafat as to why action should not be taken against them for
violation of the provisions of the scheme. However, Shri Y.K. Gaiha
disposed of MA 575/2011 directing the Board office to examine and
consider the MDRS submitted by Arafat in terms of the provisions under
Section 18(5) of SICA. However, the same should be routed through the
Monitoring Agency.

Source: Indian Kanoon

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