The company application seeks appointment of provisional liquidator of the Respondent company and an interim restraint order concerning the disposal of the company's assets pending such appointment.

2. The company is said to be indebted to the Applicant (who is the original Petitioner in the Company Petition) in the sum of over Rs.24.91 Crores. The Company has been referred to the Corporate Debt Restructuring (CDR) cell and a consortium of lenders led by Central Bank of India has proposed a CDR scheme for the company. The Applicant herein is not part of CDR lenders, but its debt of Rs.24.91 Crores has been acknowledged in the debt profile of the company under the caption 'Non CDR lenders' in the report of the reference made to the CDR cell. It is the case of the Applicant that the company has not proposed any scheme for discharge of its outstanding claim. It is submitted that the company inter alia proposes to dispose of its assets in pursuance of the CDR scheme and also otherwise without making any payment to the Applicant and with a view to defeat the legitimate claim of the Applicant. It is submitted that the financials of the company present a dismal picture of the financ