( 1 ) COMPANY Petition No. 60/03 is filed by UTI Bank Ltd. , under Section 433 (e) read with Section 434 of Companies Act, 1956 for winding up the respondent-company.

( 2 ) SIMILARLY Company Petition No. 197/03 is filed by the Karnataka Bank Ltd. for winding up of the respondent-company.

( 3 ) THE case of the petitioner in the Company Petition No. 60/03 is that pursuant to the request made by the respondent-Company for financial assistance for short term capital requirements, the petitioner had, vide its letter dated 23rd July, 2001, conveyed its approval for sanction of short term loan of Rs. 15 crores. In view of the said sanction, the Company executed a loan agreement dated 23rd July, 2001, in favour of the petitioner interalia agreeing to repay the principal amount at the end of nine month from the date of disbursement and to pay to the petitioner interest on the principal amount of the loan outstanding from time to time at the rate of 13% p. a. with quarterly rests and to bear all dues and taxes as may be levied from time to time by the Government or any other authority and to secure repayment of the said loan by executing a Demand Promissory Note in favour of the