K.M. THAKER, J.

1. BY this application under Section 391(6) of the Companies Act. 1956 (hereinafter referred to as 'the 1956 Act'), the applicant Company has prayed for below-mentioned relief:- (A) That pending the outcome of the meeting of the secured creditors of the Applicant Company, ordered to be convened on 4th February 2009 at 11.30 AM at Mumbai and pending the hearing and final disposal of the proceedings for sanction of the said scheme of compromise, SICOM Limited, one of the secured creditors of the Applicant Company be restrained from taking any legal proceedings against the Applicant Company, including, acting in any manner whatsoever u/S. 29 of the State Financial Corporations Act, 1951 including its notice dated 18th July 2008.... Re:- FACTS

2. THE relevant facts leading to this application are as follows:-

2.1. THE applicant is a Limited Company (hereinafter referred to as the Company) incorporated and registered as such under the 1956 Act. THE Company is engaged, inter alia, in the business of manufacturing and sale of high quality denim fabrics.

2.2. THE Company appears to have availed diverse types of loans from different Banks/Financial Institutions [FIsfo