JUDGMENT

Soumen Sen, J. - This is a contempt application.

2. This application is filed against the alleged contemnors for wilful, deliberate, intentional and contumacious disobedience and disregard of the order dated 29th November, 2016 passed by this Court in A.P. 1013 of 2016 filed under Section 9 of the Arbitration and Conciliation Act, 1996. The said order was an interim order. By the interim order I had restrained the contemnor no. 1 namely, Saraf Agency Pvt. Ltd. from alienating, encumbering and/or creating any third party interest over its fixed assets and properties. The contemnors no. 2 to 7 are the directors of contemnor no.1. It is alleged that the directors of the contemnor no.1 have in pursuance of the Board Meeting dated 6th February, 2017 taken a decision to act contrary and in violation and contumacious disregard to the interim order by the following acts:

(i) Executed a Term Loan Agreement against Hypothecation of Movables for a Term Loan of Rs.140.39 crores, on February 7, 2017 creating a charge in favour of M/s. Allahabad Bank, Kolkata.

(ii) Executed Agreement cut letter of Hypothecation/ Pledge for packing Credit Advances for a Packing Credit of Rs.55 crores on F