MURABLACK INDIA LIMITED Vs. UBS AG AN ESTABLISHMENT ORGANISED AND EXISTING UNDER THE LAWS OF SWITZERLAND

JUDGEMENT

(1.) BY consent of the learned Counsel, heard forthwith.

(2.) BY the present Motion, plaintiffs pray that pending the hearing and final disposal of the suit, defendants be restrained by an injunction from taking any steps whatsoever to recover from the plaintiffs any amount whatsoever under the loan agreement without first getting permission from B. I. F. R. The suit by the plaintiff is to restrain defendant No. 5 from encashing the Bank Guarantee given by defendant No. 5 to defendant No. 1 at the instance of the plaintiffs. The suit was filed in 1997.

(3.) ON 4-11-1999 the plaintiffs moved B. I. F. R. under the provisions of Sick Industrial Companies (Special Provisions) Act, 1985. B. I. F. R. on 31-3-2000 has declared the company as a sick company. It is subsequent to these events that the present Motion.