At the July 16 hearing of UBI's special leave petition against the ruling of the Appellate Authority for Industrial & Financial Reconstruction, the Supreme Court said the case will come up before it in mid-August.

Dunlop's spokesperson confirmed the adjournment, noting that the interim order passed earlier remains till then.

However, the company denied having filed two interim applications before the Supreme Court for quashing of a March 12 order passed by the Appellate Authority for Industrial & Financial Reconstruction and for directing the Board for Industrial & Financial Reconstruction to hear the company's proposed revival scheme under Section 17(2) of the Sick Industrial Companies (Special Provisions) Act, 1985.

UBI, a creditor-banker of Dunlop, had appealed against a September 16, 1998, order ofthe AAIFR allowing the tyremaker to sell its assets.

At a hearing on May 10, Justices BN Kripal and SR Babu had extended the February 26 interim order of restraining the company from selling its assets. The company was directed not to incur any debts except for making statutory payments.

Meanwhile, the BIFR has granted the company time till July 30 to submit its revival plan under Section 17(2) of Sica. The company has been holding several rounds of meeting with state governments and unions in a bid to reach an unanimity on the proposed revival scheme.

The scheme pivots on a fresh equity infusion of Rs 26 crore from the promoter and proposed hiving off assets worth around Rs 110 crore. In addition to this, the company will need some standard concessions from the state governments and loans from West Bengal Industrial Development Corp.

It will require loans from bankers like United Bank for funding the proposed voluntary retirement scheme.