The loss-making ABCL's case was registered with BIFR on March 22, wherein the Corporation sought to be declared as sick company claiming that its net worth had been eroded.

ABCL, with net worth (share capital and reserves) of Rs 60.52 crore, has so far accumulated losses of Rs 68.51 crore, BIFR sources said.

They said ABCL is the 60th company registered with BIFR and the board is yet to review any case registered in the year.

ABCL is plagued with debts amounting to Rs 80 crore and is in the grip of a severe cash crunch, made worse by the fact that Bachchan's comeback movies "Mrityudaata" and "Lal Badshah" both bombed at the box office.

Apart from production of movies, ABCL event management business `The Miss Worldpageant' in 1996 was also not successful with the company unable to market the event and defaulted to the tune of Rs 18 crore to Prasar Bharti.

Sources say the delay in hearing is due to shortage of BIFR members in the first quarter of 1999.

However, since April, more board members have joined BIFR leading to speedy disposal of cases and hearing of new cases.

In order to recover its dues from ABCL, Canara Bank had last month filed a petition in Mumbai high court to recover Rs 10 crore from the promoters.

In order to recover its dues Canara Bank had asked the court for attachment of Bachchan's house "Pratiksha" in Mumbai. However, last week high court ruled out possession of the house as the company had been registered with BIFR.

Under the Sick Industrial Companies (special provisions) Act 1985, if a company has been registered with BIFR no creditor can have right over the assets of a company.

The bank had sought attachment of Bachchan's house as the company did not have sufficient funds to repayits loans.

It is also seeking to attach two flats of the filmstar, which have been mortgaged with Canara Bank as collateral. The resale value of the property has been estimated at around Rs 80 lakh.

Earlier the mega-star had to sell off his stake in Ipca Laboratories in order to repay Rs 10 crore his company owed to Kotak Mahindra Finance which had lead managed ABCL's first private placement in 1995.