The board pulled up the promoters of Nova Steel for total lack of `seriousness and commitment' in the rehabilitation of the company. The bench also expressed its displeasure at the lackadaisical attitude of IFCI in the case.

BIFR asked IFCI to file a report before the bench by mid-March indicating the details of offers received in response to the advertisement.

IFCI, which has dues worth Rs 106 crore from the company, was appointed the operating agency by BIFR to prepare a rehabilitation report. IFCI submitted that the company submitted a `very sketchy proposal' envisaging reliefs and concessions beyond the RBI guidelines. "The proposal did not even contain what the promoters were proposing to do for the revival," IFCI said.

The financial institution said Nova's promoters were yet to comply with its direction to submit a revisedproposal. However, Nova in its submission said they had not given a detailed proposal as they are awaiting the completion of `techno-economic viability study.'

It said that as they did not receive notice of the hearing of the board, therefore, the promoters did not attend the hearing. IFCI has extended financial assistance of Rs 51 crore to the company, Nova said. BIFR has also directed Nova Steel to close its accounts with Allahabad Bank and route the entire transactions through their accounts with earlier bankers Bank of India (BoI).

Nova also pleaded for allowing three months time for submission of a proposal, which BIFR rejected.