( 1 ) THE present Company Application is filed by the applicant Banks and judges summons is taken out seeking permission of this Court to allow the applicant Banks, being secured creditors, to initiate proceedings under the Provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the Securitisation Act ). In support of the judges summons, an affidavit was filed by one Mr. Girishbhai Ambalal Barot, Deputy Manager (Advances) of State Bank of India, RARB Branch, Ahmedabad, the applicant No. 1 herein.

( 2 ) IT is the case of the applicant Banks that the four applicant Banks are the secured creditors of M/s. Volvo Steel Limited (presently known as Stanrose Steel Limited) and the properties and assets were charged with the applicant Banks and the applicant Banks are therefore considered to be the secured creditors of the said Company. It is further stated that the applicant Banks have initiated recovery proceedings against the said Company and others by Application being Original Application No. 137/2002 before the Debts Recovery Tribunal, Ahmedabad under the Provisions of Recovery of Debts due to Bank and Financial Institutions Act, 1993 (hereinafter referred to as the Recovery of Debts Act ). The said application is pending before the Debts Recovery Tribunal at Ahmedabad and in the said proceedings, the DRT passed an order on 12. 04. 2002 appointing the Court Commissioner to carry out Commissioner work/inventory work. Accordingly, the Court Commissioner visited the premises of the said Company and it was found by the Court Commissioner that the premises are in possession of Gujarat Industrial Investment Corporation Limited (GIIC) and there were five security men watching the said factory appointed by GIIC and the applicant Banks. It is further stated that all the properties are in possession of GIIC including the plant and machineries and other movable assets.

( 3 ) IT is further stated that the applicant Banks are incurring substantial amount of expenses of about Rs. 25,000/- per month for security staff. It is further stated that after the enactment of the Securitisation Act, the applicant Banks were contemplating to initiate action under the Provisions of the Securitisation Act and they came to know about an advertisement published in the Economic Times edition of 30. 01. 2003 by the Official Liquidator working as the Provisional Liquidator of the said company. The said notice was published by the Official Liquidator in pursuance of the order passed by this Court on 24. 12. 2002. In response to the said notice, the applicant Bank wrote a letter dtd. 04. 02. 2003 to the Official Liquidator working as Provisional Liquidator indicating the full facts therein as well as contending that the applicants are considering to take action under the Securitisation Act.

( 4 ) IT is further stated that one of the applicant Banks received a notice from the office of the Official Liquidator working as Provisional Liquidator, indicating therein that the Official Liquidator intended to take possession of the properties and assets of the Company in provisional liquidation on 21. 02. 2003. The applicant Banks, therefore, moved the present application before this Court seeking the above referred relief.

( 5 ) AT the time of admission hearing of this application on 20. 02. 2003, this Court has passed an order directing the Official Liquidator to take only the symbolic possession of the property of the Company and to make inventories of the assets. However, it was made clear that the security arrangement and the physical possession of the properties would not be taken by him till the next date of hearing. The said ad-interim relief was extended from time to time.

( 6 ) THE Official Liquidator appointed as Provisional Liquidator to the said Company filed his report on 24. 04. 2003 wherein it was stated that pursuant to the order passed by this Court o