Effort to stop closure of HPF fail
The government's appeal against the BIFR order for winding up a sick public sector company, Hindustan Photo Films Manufacturing Company, has been dismissed by AAIFR.
By PTI |
NEW DELHI: The government's appeal against the BIFR order for winding up a sick public sector company, Hindustan Photo Films Manufacturing Company, has been dismissed by Appellate Authority for Industrial and Financial Reconstruction (AAIFR).
In all six appeals, including one by the Ministry of Heavy Industry, were filed against the order of the BIFR to wind up the company. Only one of the six appeals against the BIFR order were considered by the appellate authority.
The government's appeal was barred by limitation as the date of receipt of BIFR order mentioned in the appeal did not match with the check list. Moreover, the authority found that the grounds on which the BIFR order was questioned was the same as those given by the management of the company.
In its order the authority said: "None of the counsels for the parties appearing on behalf of appellants submitted anything to satisfy us as to why AAIFR should interefere with the impunged (BIFR) order."
"In our opinon impunged order is just, fair and reasonable," the authority added.
In all six appeals, including one by the Ministry of Heavy Industry, were filed against the order of the BIFR to wind up the company. Only one of the six appeals against the BIFR order were considered by the appellate authority.
The government's appeal was barred by limitation as the date of receipt of BIFR order mentioned in the appeal did not match with the check list. Moreover, the authority found that the grounds on which the BIFR order was questioned was the same as those given by the management of the company.
In its order the authority said: "None of the counsels for the parties appearing on behalf of appellants submitted anything to satisfy us as to why AAIFR should interefere with the impunged (BIFR) order."
"In our opinon impunged order is just, fair and reasonable," the authority added.
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