KARNATAKA STATE INDUSTRIAL INVESTMENT AND DEVELOPMENT CORPORATION LIMITED Vs. INTERMODEL TRANSPORT TECHNOLOGY SYSTEMS

JUDGEMENT

(1.) IN this application, the applicant-Karnataka State Industrial Investment and Development Corporation Limited (hereinafter referred to as "the Corporation") has made two prayers. Firstly, the applicant has prayed for modification of the order dated 31st of Oct. 1996 made in Company Petition No. 17/1989 to the extent this Court directed the Official Liquidator to forthwith take charge of all the properties and effects of the first respondent-M/s Intermodel Transport Technology System (Karnataka) Limited (hereinafter referred to as "the Company") and to exempt from the direction given in the said order in so far as it relates to the assets taken over by the Corporation pursuant to the mahazar dated 11th of Dec. 1 989 prepared by the Corporation and their sale in favour of the second respondent, and secondly, to permit the Corporation to hand over the assets of the Company to the second respondent pursuant to the sale of the assets of the Company made in favour of the second respondent.

(2.) THE facts, which are relevant for the disposal of this application, may be briefly stated as hereunder :

(3.) I have elaborately heard Sri Ashok B. Hinchigeri, learned Counsel for the applicant, Sri Thomas V. Peter, learned Counsel for the Official Liquidator, Sri U. L. Narayana Rao, learned Senior Counsel appearing along with Sri K. Giridhar for respondent 2, and Sri Kishore Mallaya, learned Counsel for respondent 3.