1. The Petitioner had filed a suit against the Respondent company challenging the action of the Respondent in altering the method of calculating depreciation in its balance sheet. The Single Judge had initially granted an injunction which was vacated. An appeal was filed against the same. The contention of the Respondents herein was that the matter was pending before the BIFR and, therefore, the civil court had no jurisdiction to deal with the case.
2. The Division Bench in the impugned order observed that the BIFR would be the right forum where the industrial sick ness of the company is to be determined. It further observed that the court could not grant an order of injunction in favour of the plaintiff in view of the fact that the company had already referred the matter to the BIFR.
3. Shri Dipankar P Gupta, learned senior Counsel for the Petitioner informs us that the BIFR has now rejected the application of the Respondents and as far as the BIFR is concerned the matter stands concluded.
4. In this view of the matter, there is no impediment in the suit of the Petitioner proceeding in the High Court. The special leave petition has, for that reason, become infructuous.
5. The special leave petition stands disposed of accordingly.