TMI Blog2000 (1) TMI 908X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. Heard counsel at length. Earlier today Company Petition No. 928 of 1999 and 19 other petitions have been admitted. 2. The Industrial Credit and Investment Corporation of India (ICICI) had filed Suit No. 3636 of 1999. In that suit notice of motion was taken out for appointment of a receiver. It was mentioned therein that the ICICI are the debenture trustees of the company. The amount due u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecover the gigantic amounts of money which had been disbursed to various industries in the country. It was also observed that the suit filed by the ICICI was one of those instances. The receiver was appointed. No appeal has been preferred agianst the aforesaid order. 3. The petition in which this application is filed has been admitted this morning. It is submitted by Mr. Kapadia, the counsel a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctivities. He also submits that the company also has immovable properties which can be sold off to reduce some of the credits. He further submits that the company will give undertaking not to register a reference before the BIFR. 4. I have considered the submissions made by the learned counsel. I find that the ICICI is taking totally contrary stands. When it came to protecting their interest t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in terms of prayer clauses ( a ) and ( b ). Injunction to continue till the Liquidator takes possession. Drawn up order is dispensed with. 5. The Official Liquidator to act on an ordinary copy of this order duly authenticated by the company Registrar of this Court. 6. At this stage, Mr. Sen, the learned counsel for the company prays for stay of the operation of this order. I find no jus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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