SATINDER KAPUR Vs. IFCI LTD

JUDGEMENT

(1.) M/s.Indian Magnetics Ltd., respondent No.4, is under liquidation.

(2.) SATINDER Kapur, Shyam Sunder Kapur and P.N.Suri were the directors of the company. When all was well and the company was doing good business, credits were availed of by respondent No.4. Amongst others, IFCI Ltd., IDBI Ltd. and ICICI Ltd. had extended credit facilities to the company. SATINDER Kapur, Shyam Sunder Kapur and P.N.Suri as directors of the company had stood personal guarantee to repay the credits if the company of which they were the directors of defaulted as per the agreements under which credit facilities were extended.

(3.) ON pari passu basis, the Official Liquidator disbursed a sum of `81,29,315/- to IFCI Ltd., `39,11,523/- to IDBI Ltd. and `38,76,628/- to ICICI Ltd.