The Appellate Authority of Industrial and Finance Reconstruction (AAIFR) today stayed a Board of Industrial and Financial Reconstruction (BIFR) order, which had declared that Jessop India was no longer a sick company.The Jessop Staff Association had moved the AAIFR claiming that the BIFR order was one-sided. The union had made Bharat Bhari Udyog Nigam and Securities and Exchange Board of India (Sebi) party to the case.When contacted, a Jessop spokesperson said: "We are yet to receive the order. We will react after receiving it."BIFR, in an order on April 28, had said Jessop was no longer sick after the company posted profit for the quarter ended December 2005.The AAIFR order would now stop the proposed rights issue of Jessop. With the rights issue, P K Ruia was close to wresting 100% control of the erstwhile public sector rail coach maker.
