A two-member bench of BIFR including its chairman PP Chauhan said that DK Chemo-plast was not likely to become viable in future and "Hence it was just, equitable and in public interest" that the company be wound up.The bench confirmed its prima facie opinion and observed that the promoters of DK Chemo-plast were not serious in rehabilitating the company.

It said in spite of being given ample opportunities by the board, there was no rehabilitation proposal with means of finance fully tied-up for its consideration.

"Despite allowing adequate opportunities to the existing promoters, exploring change in management through advertisement and even allowing opportunity after issue of winding-up notice, there was no concrete proposal for rehabilitation," the bench said in a recent order.

DK Chemo-plast was declared sick by BIFR in 1997 which had appointed Industrial Development Bank of India (IDBI) as the operating agency. IDBI,in its submission to the board had stated that there was no rehabilitation proposal and the proposal submitted by the company was not viable and acceptable to creditors.