S.R.F. LTD. vs GARWARE PLASTICS & POLYSTER LTD.

The Supreme Court upheld the decision of the Board for Industrial and Financial Reconstruction (BIFR) under Section 15 of the Sick Industrial Companies (Special Provisions) Act, 1985, declaring Flowmore Polyesters Ltd as a sick industrial company. The Court emphasized that the BIFR had the authority to evaluate revival proposals and that the absence of participation by Garware in the proceedings did not invalidate the process. The Court affirmed the BIFR's decision to favor the merger proposal from SRF, holding that due process was followed in the evaluation of the proposals submitted for the revival of Flowmore.