IFCI LTD Vs. BHARAT STEEL TUBES LTD

JUDGEMENT

(1.) IFCI and Bharat Steel Tubes seem to be having a running feud and are sparring on issues which could aptly be called shadow boxing; and unfortunately the match referee is not compelling them to fight the main bout. Colossal judicial time has been wasted by the shadow boxing rounds and with this preamble to our decision, we intend to close by putting both of them in the fighting ring and direct the referee to ensure that the actual boxing round commences; enough of shadow boxing has been resorted to by the two.

(2.) PUNJAB National Bank had extended various credit facilities to Bharat Steel Tubes and as per IFCI Ltd. the debt stands assigned to it.

(3.) UNFORTUNATELY, the application dated 21.7.2009 has not been decided till date.