JUDGMENT - D.R. DHANUKA, J.:---By this Notice of Motion, the judgment debtor is seeking to set aside the Insolvency Notice No. N/108 of 1991 dated 27th August, 1991. The judgment debtors had impugned the validity of the Insolvency Notice herein on various grounds which will all be dealt with in the later part of this order at its appropriate place.

2. The material facts having bearing on the subject matter of this notice of motion are as under :

(a) On 18th March 1987, a Common Loan Agreement was executed between M/s. Krimpex Synthetics Ltd., as "borrowers" and Industrial Credit Investment Corporation of India Ltd., as Lead Institution and Industrial Finance Corporation of India as "lenders". These two financial institutes advanced large amounts to M/s. Krimpex Synthetics Ltd. The Industrial Credit and Investment Corporation of India Ltd. and Industrial Finance Corporation of India have filed Suit No. 1595 of 1989 in this Court for a declaration that a sum of Rs. 1,11,30,538/- is due and payable by the said M/s. Krimpex Synthetics Ltd., to the plaintiffs alongwith further interest till payment and/or realisation and for various other reliefs. In this suit, the creditors-plaintiff

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