SUNIL AMBWANI, J.

( 1 ) PRADESHIA Industrial and Investment Corporation of U. P. Ltd. (hereinafter called as PICUP) has filed these Criminal Revision Nos. 41 of 2000 and 49 of 2000 against the Judgment and Order dated 20-12-1999 passed by the Chief Judicial Magistrate, Ghaziabad in State of U. P. v. M. L. Gupta [case No. 153 of 1999] by which an application under Section 451, Cr. P. C. has been allowed with a direction that M/s. Keshav Enterprises, Mohali through its authorised representative Amrik Singh be given Supurdagi of the machinery detailed in the list dated 3-5-1999 and 30-8-1999 on furnishing surety bonds of two reliable persons with a personal bond, and the order dated 6-1 -2000 passed by the Chief Judicial Magistrate, Ghaziabad in Case no. 153 of 1999, State of U. P. v. M. L. Gupta and others by which he has directed Official liquidator, 33 Tashkand Marg, Allahabad to comply with the Order dated 20-12-1999 and handover the Supurdagi of the case properties in his presence on 10-1-2000, and submit a compliance report on 11-1-2000.

( 2 ) IN Criminal Revision No. 41 of 2000 the operation of the Order dated 20-12-1999 was stayed by this Court on 10-1 -2000 and that order has been extended from time to time. In Criminal revision No. 49 of 2000, the operation of Order dated 6-1-2000 passed by Chief Judicial magistrate, Ghaziabad to handover the possession of the properties in compliance of the order dated 20-12-1999 has also been stayed by this Court on 11-1-2000 and the same has also been extended from time to time.

( 3 ) CIVIL Misc. Application No. 7683 of 2000 (A-30) was filed on behalf of PICUP to decide the company petition along with aforesaid criminal revisions. The then Company Judge by his Order dated 28-12-2000 found that prayers in the application cannot be granted without the consent of the Honble Judge hearing criminal revisions and thus the papers were directed to be placed before Honble the Chief Justice. By an order dated 4-2-2000, the then Honble the Chief Justice directed that all the matters, including Criminal Revision Nos. 41 of 2000 and 49 of 2000 to be placed before him and that is how both the criminal revisions have been connected with the company petition. By a subsequent order dated 4-8-2000. Honble the Chief Justice has directed that all the matters be placed before appropriate Bench and thus both the aforesaid criminal revisions have been connected and have come up for hearing before this Court.

( 4 ) THE facts, giving rise to the aforesaid criminal revisions, are stated as below : picup as a financial Corporation financed M/s. Sakura Seimitsu India Ltd. (hereinafter called as SSI Ltd.) with its two industrial units - one at E-115 site p UPSIDC Industrial Area, surajpur; and other at A-36, Sector-7, NOIDA, for establishing factories for manufacture of engineering plastic components for horology and auto industry as well Quartz Clocks and alarm time pieces. SSI Ltd. had taken two term loans and an Equipment Finance Loan from PICUP totalling over Rs. 7. 00 crores, and mortgaged/hypothecated its entire immovable and movable properties of both sites with PICUP. The other company M/s. M. R. G. Plastics Limited (hereinafter called as MRGP Ltd.) with its factory at B-105, Sector 5, NOIDA took a loan of over Rs. 4. 5 crores from PICUP and had mortgaged/hypothecated their immovable and movable properties.

( 5 ) BOTH the aforesaid companies made defaults in payment. Approximately, an amount of Rs. 273 lakhs was due from SSI Ltd. and about Rs. 240 lakhs from MRGP Ltd. in the year 1998, upon which PICUP, in exercise of powers under Section 29 of State Financial Corporation Act took possession of Surajpur Unit of SSI Ltd. on 18-1-1998 and its NOIDA Unit, as well as mrgp Ltd. on 19-11-1998. At the time of taking over possession and preparing inventories, upon a closer examination, it was found on 21-11-1998 that a number of mortgaged/hypothecated machines worth Rs. 304. 90 lakhs in the two Units of SSI Ltd.