1.Heard Mr. Mihir Joshi for the petitioner and Mr. R.M. Desai, for the respondent.
2.Mr. Joshi for the petitioner submitted that initially, the BIFR had rejected the reference against which the appeal No. 182 of 1999 was preferred before the Appellate Board on 16.3.2000. The order is passed by the Appellate Bench of the BIFR whereby, the earlier order is set aside and the matter is again remanded to BIFR for afresh consideration and he further submitted that the matter is still pending before the BIFR as per the instruction received by Mr. Mihir Joshi.
3.Since the matter, at large is pending before the BIFR, the question is raised in the petition is that the proceedings is pending before the BIFR board under Sec. 29 of the State Financial Corporation Act can be exercised or not ?
The matter deserves consideration and hence rule. Interim relief granted earlier shall continue on the same terms and conditions. However it is made clear that it will be open to the respondent to move this Court for modification and also for vacating of interim relief, if ultimately, the BIFR rejects the reference of the petitioner company.
[JAYANT PATEL,J] snt./