Icici Ltd. vs Parasrampuria Synthetics Ltd. And Ors.

The Supreme Court addressed the appeals concerning the orders of the Madhya Pradesh High Court regarding the proceedings of the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) under the Sick Industrial Companies Act (SICA). The Court held that the Tribunal's constitution and the fair hearing rights of the parties must be respected, but allowed the appellant to proceed with the suit against Parasrampuria Synthetics Ltd. (PSL) for recovery of loans. The Court emphasized the need for a balance between the rights of creditors and the procedural fairness owed to the company, ultimately staying the High Court's orders while permitting the sale of assets to proceed.