Dear All,
One of our group companies had a pending appeal in front of the BIFR to be declared as a sick industrial unit under SICA. In the meanwhile ARCIL illegally took over one of the properties of the company which was already in possession of the UP government for non paymen of commercial tax dues. ARCIL then appealed to get the company's appeal under SICA abated form BIFR vide the third proviso under section 15(1) of the SICA. BIFR abated the same. Now, due to certain faulty legal advice our company instead of approaching DRT under section 17 ended up appealing to the AAIFR questioning the action of BIFR. AAIFR too upheld the BIFR's order stating that such an abatement was automatic abatement & neither BIFR nor AAIFR had authority to investigate into ARCIL's action & therefore it advised us to approach DRT which is the correct forum to adjudicate the same. Sadly under section 17 of SARFAESI Act DRT can be approached only within 45 days from the date from which an action under section 13(4) under SARFAESI Act is taken & more than 2 years has already passed away since the action was taken while we were busy appealing at AAIFR.
In this respect we are constarained to file a writ at the Hon. High Court. Can I question AAIFR's judgement in my writ ? Our limitaion period under section 17 is over hence we can not approach DRT so can we ask for direction from Hon. High Court ? We are left remediless after the AAIFR's judgement. What course pf action should be taken by us now ?
Regards,
Sagnik Sanyal
