( 1 ) THE question which has come up for consideration before this, Court in the present application is whether a receiver can be appointed over the properties of the company on which the secured creditors have first charge when the company is in winding up and the Official Liquidator has already taken possession of the same?

( 2 ) BRIEF facts, so far as relevant for the purpose of deciding the present application, are that M/s Sidco Leathers Limited ( in liq.) was ordered to be would up by an under dt. 16- 12- 1993 passed by this Court on the application of the State Bank of India. The Official Liquidator, High Court, hits been appointed the Liquidator. The present applicants namely, (i) The Industrial Credit and Investment Corporation of India; (ii) Industrial Development Bank of India and (iii ) The Industrial Finance Corporation of India (the applicants in short) in pursuance in the request made by the company (in liq.) had advanced to the said company a terra load of Rs. 277 Lacs in consortium between the applicants. The company (in liq.) executed a loan agreement in favour of the applicants in respect of the aforesaid term loan. By a joint deed of hypot