( 1 ) THIS original side appeal filed under Section 483 of the Companies Act, 1956 (hereinafter referred to as 'the act') read with Section 4 of the Karnataka High Court Act, 1961, is that of the international coach builders limited (hereinafter referred to as 'the company') in liquidation represented by the official liquidator attached to this court, which seeks the setting aside of the company court's order dated 8-10-1991 made on company application No. 218 of 1991 in company petition No. 131 of 1988, by which the Karnataka state financial corporation (hereinafter referred to as the 'k. s. f. c. '), a secured creditor of the company, is permitted to stand outside the liquidation proceeding and work out its remedies under Section 29 of the State Financial Corporations Act, 1951 (hereinafter referred to as 'the sfc act') subject to payment of the workmen's dues as undertaken.

( 2 ) AS the contentions raised before us in support of the appeal require their examination with reference to the facts which led the company court to make the order under appeal, it would be advantageous to refer to such facts at the very outset.

( 3 ) M/s. Globe detective agency pvt. Lt