- (1.) IDBI Trusteeship Limited is before this Court in Company Application No.547 of 2009 in CP No.82 of 1998.
(2.) I heard the learned counsel for the parties at length and reserved judgment. My view of the case is as follows: Facts first.
(3.) Company Application No.547 of 2009 has been filed under Rule 9 read with Rule 163 of the Companies (Court) Rules, 1959 for bringing on record the fact that the applicant is engaged in Debenture Trustee Business and its work has been transferred to ITSL and is, therefore, a secured creditor holding pari-passu charge with the other secured creditors i.e. the Industrial Development Bank of India, IFCI Limited and the Haryana Financial Corporation, Sector-17, Chandigarh and has right on disbursal of moneys and for re-distribution of sale proceeds with respect to the 1st respondent-Company (in liquidation) i.e. M/s Chattar Industries Limited.;