M. Chockalingam, J.

All these appeals have arisen from a common order made by the learned Single Judge of this Court in Company Application Nos.499, 500, 502, 503, 505, 506, 508, 509, 521, 522, 523, 524, 1937 and 1940 of 2002 and 137, 140, 143 and 146 of 2003 in Company Petitions 239 to 242 of 2001.

2. he above company applications were filed by four banking companies namely Corporation Bank, Dhanalakshmi Bank Limited, State Bank of India and Lakshmi Vilas Bank Limited whereby an order in C.P.Nos.239 to 242 of 2001 dated 12. 2001 was sought to be set aside.

3.The case of the petitioners bank in the above company applications can be stated thus:

(a) M/s.RSL Industries, a public limited company and incorporated under the Indian Companies Act, availed loans from various banks including Corporation Bank and other financial institutions. The said company availed a foreign currency loan of 200 million USD in order to meet its high cost borrowals from various financial institutions and other money lenders and thus the Corporation Bank was one of the secured creditors. Availing the financial facilities, the company cleared its loan from Industrial Development Bank of India (IDB