Not exactly what the OP was asking for. He wants "ABC SET" on one line, and a line with nothing but "--" two lines below it. Your solution will find "ABC SET" and "--", but we don't know how many lines apart they are. This might work though:
$/="\n--\n";
while (<FILE>) {
$value++, next if /.*?ABC SET.*\n.*\n--\n/;
}