Srinivasan, J.

1. These three applications have been posted before us as directed by the Chief Justice on a reference by a single judge. The first application is filed by the first respondent in O.P. No. 137 of 1987. The prayer is for discharging the advocate-receiver appointed in Application No. 1153 of 1987 and directing him to hand over possession of the mills and its assets in his custody to the chairman-cum-managing director at the petitioner-company pursuant to the order of the Appellate Authority for Industrial and Financial Reconstruction, dated September 27, 1993. The necessary facts are in short as follows : The company by name Vasantha Mills Limited, which was promoted in 1923, fell on evil days. In 1980, Sri Arvind Kikani took over the management of the company by acquiring controlling interest and undertook modernisation of the mill with term loans from IDBI and IRBI. The scheme could not be completed, as the institution did not disburse the entire amount of their loans due to loss of confidence in the management of the company. The recession in the textile industry and severe power cuts contributed to the continued poor performance of the company and there were