- (1.) This is an application filed by the Gujarat Industrial Investment Corporation Ltd. They are aggrieved by some of the claims, as admitted by the official liquidator.
(2.) Their main grievance is against the admission of the claim of Rs. 6,67,40,000 of the Karnataka Bank Ltd. The remark against admission of such claim is "preferential".
(3.) According to the applicant only about Rs. 9 lakhs is secured by way of first charge. The rest cannot be considered as preferential in that sense. This is disputed by Mr. A. K. Dhandhania, learned advocate appearing for the Karnataka Bank Ltd. The total amount admitted as against the Karnataka Bank Ltd., is also disputed by the applicant.;