- (1.) The Industrial Finance Corporation of India, a public financial institution and otherwise a body corporate established under the Industrial Finance Corporation Act 1948 (Act No. XV of 1948), hereinafter referred to as IFCI, and the Act, respectively, has brought this petition in the original jurisdiction of this Court u/S. 30 of the Act, praying for reliefs on the sale of properties of the Company known as PVK Papers Limited, having its registered office at 2 Manuk's Lane, Calcutta, and its factory at Basti in Uttar Pradesh; appointment of a Receiver, attachment of properties and an injunction restraining the Company and its Directors, Officers, servants and agents from interfering or incumbering or in any way alienating the properties of the Company. Other consequential reliefs have also been sought.
(2.) By an order of the High Court, a Receiver was appointed. The properties were attached and an exercise for the sale of the properties was put in motion, as suggested by the IFCI.
(3.) The concern of the court is that the parties in this petition in the original jurisdiction of the Court, are public finance institutions, all instrumentalities of the State, and no headway has been made to report to the court with confidence that the loans given to the Company are being retrieved or in the process of being retrieved. No serious interest has been shown in these proceedings by any other public finance institutions, except the State Bank of India.;