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2014 (2) TMI 1356

restrict the petitioner to maintain the present petition which the petitioner is entitled to ex debito justitiae. The second submission made by the respondent that there is an inter se agreement between various banks also does not offer any credible defence to the respondent - The present petition is, therefore, admitted Appointment of a Provisional Liquidator - HELD THAT:- The Directors of the company shall file a Statement of Affairs within 21 days and also disclose the correct addresses of the company as well as the addresses of the Directors. It is clarified that the Directors of the company shall continue to operate the bank accounts, however, a weekly statement as to the receipts and payments shall be furnished to the Official Liquida .....

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o the petitioner. However, it is contended that the respondent has already submitted a proposal for restructuring of its liabilities under the CDR mechanism which is pending consideration by the consortium of banks. He submits that since a restructuring package has already under consideration of various other secured creditors who may also be effected, the present petition should not be entertained. The learned counsel for the respondent has also submitted that the petitioner is a signatory to a consortium agreement wherein Punjab National Bank has been appointed as a lead bank. He has further drawn the attention of this Court to various clauses of the consortium agreement which, inter alia? provided that Punjab National Bank would act as a .....

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s to pay its liabilities and its inability to repay its current debts is only temporary. It is submitted that the respondent is making efforts to liquidate its stocks and pay its dues. In view of the fact that the petitioner is endeavouring to discharge the debts of its creditors it would be in the interest of all creditors if the said process is not impeded. However, it is also essential that the assets of the company are utilised for the benefits of the company and are not siphoned of or secreted. It is thus, essential that the Official Liquidator take charge of the movable stock of the company. The learned counsel for the respondent submits that all stock is currently stored in two warehouses situated at Rohtak. The addresses of the said .....

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