2003 (1) TMI 540

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.... No. 1, M/s. Indian Colour Sheets Limited (for short M/s. ICSL), to appoint official liquidator to take charge of all assets, properties and all other movable and immovable assets etc. of the O.P. No. 1, M/s. ICSL and to pay the dues of the petitioner-company by sell or otherwise of the property and assets of the said O.P. No. 1, M/s. ICSL. 2. Initially, M/s. Indian Colour Sheets Limited was only impleaded as O.P. party to the application. Subsequently, a petition for intervention was filed on behalf of Bihar State Industrial Development Corporation Limited (for short BSIDC) to implead it as O.P. No. 2. 3. According to petitioner-company, the O.P. No. 1, M/s. ICSL approached the petitioner-company for friendly accommodation and the petiti....

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.... cent from 1-4-1998 to 30-11-1999   4,19,314.00   Total 29,05,712.62 (Rupees Twenty nine lakhs five thousand seven hundred twelve and sixty two paise only)"   4. A purported counter affidavit was filed on behalf of O.P. No. 1, M/s. ICSL accepting the claim with plea that due to financial crises, the O.P. No. 1, M/s. ICSL could not pay the dues of the petitioner-company as was informed by its letter dated 28th July, 1998. Further plea has been taken that the O.P. No. 1, M/s. ICSL never refused to pay the dues of the petitioner-company and requested to wait for sometime. The O.P. No. 1, M/s. ICSL is a joint venture Company of Bihar State Industrial Development Corporation Limited (O.P. No. 2) and M/s. Hi Tech Alloys Pv....

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....en any loan to O.P. No. 1, M/s. ICSL which it accepted and such loan can be recovered by filing this petition. In absence of any evidence to suggest that the petitioner-company actually given any such friendly loan to O.P. No. 1, M/s. ICSL, this Court vide order dated 11th June, 2002 allowed the petitioner-company to produce the relevant evidence in support of its claim, such as cheques, Bank Draft or any other instrument through which loan amount was paid and accepted by O.P. No. 1, M/s. ICSL. Inspite of time allowed twice to the petitioner-company, they failed to produce any such evidence in its support. 8. Counsel, who was appearing on behalf of Sri Lal Bihari Singh, an employee of O.P. No. 1, M/s. ICSL produced purported books of acco....