1.Leave under R.19(3) of the Company Court Rules, 1989 granted to the applicants to take out a Judge' Summons in terms of draft Judge' Summons handed in. By consent, made returnable forthwith.

2. The petitioners have filed the petition for winding up against the Company. By order of this Court dated 13th November, 1998 the Official Liquidator was appointed as Provisional Liquidator. By the present application, the Company has moved this Court to stay the order dated 13th November, 1998 admitting the Company Petition and appointing the Official liquidator as the Provisional Liquidator till the disposal of Reference under BIFR. By a further prayer clause (b), the Company has prayed that the Official Liquidator be restrained from taking further steps as per the order of this Court dated 13th November, 1998 without obtaining any prior permission from BIFR.

3. A few facts need be stated.
Petition for winding up was filed in this Court on 18th May, 1998. According to the Company, the accounts were made upon 15th October, 1998. The company found that their net worth had eroded by more than 50% and consequently at a Board meeting held on 3rd November, 1998 passed a resolution to move the BIFR