GHANSHYAM SARDA vs M/S SHIV SHANKAR TRADING CO.

The Supreme Court addressed the interpretation of Sections 22(1), 26, and 32(1) of the Sick Industrial Companies (Special Provisions) Act, 1985, in the context of the winding up of J.K. Jute Mill Company Ltd. The Court held that the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) has the jurisdiction to allow a party to present a proposal for revival, emphasizing the importance of stakeholder participation in the restructuring process. The Court affirmed the High Court's decision allowing the appellant to present his views, thereby reinforcing the procedural rights of stakeholders in insolvency proceedings.