RAJIV SAHAI ENDLAW, J.

1. The appellant appeals against the judgment dated 4th March, 2011 of the Learned Company Judge in the Co.Pet.No.248/2009 preferred by the respondent under Section 433(e) r/w Section 434 of the Companies Act, 1956 whereby Provisional Liquidator of the appellant Company has been appointed and the Directors and officers of the appellant Company have been restrained from selling, parting with possession or creating third party interest in respect of moveable and immovable properties/assets of the appellant Company. Notice of this appeal was issued and on 13th September, 2011 the counsel for the respondent gave an assurance that further hearings of the company petition before the Learned Company Judge would be got adjourned and the Official Liquidator may not takeover charge of the assets of the appellant till the disposal of this appeal.

2. The respondent, in the company petition aforesaid, averred the appellant to be unable to pay its debts of 215,375,000 -CZK (Two hundred and fifteen million three hundred and seventy five thousand Czech crowns) equivalent to about Rs.70 crores due by it to the respondent under a Guarantee Declaration dated 15th March