HC restrains Polar industries to sell its property

New Delhi, Nov 20 (UNI) The Delhi High Court today restrained Noida-based Polar industries Ltd from selling or transferring its factory premises till January 14, the next date of hearing, as a recovery suit was pending against them.

Justice Reva Khetrapal issued notices to Polar Industries Ltd to appear before the Court on January 14 and directed them or their agents not to transfer, sell, alienate or encumber in any manner the property number A-2, Sector-5 Noida and A-8/A Maharani Bagh of New Delhi.

A company named Joy Exports had filed a recovery suit of Rs 1,38,79,026 against Polar Industries stating that the company owes them the amount but was going to get away by winding off and selling their property.

Vinod Tyagi, Counsel of Joy Exports said Polar Industries had a total share capital of Rs 18-53 crores while the total losses exceeded Rs 148 crores. He said more than Rs 95 crores has to be paid to IFCI Ltd. Punjab National Bank, Allahbad Bank, Union Bank of India and Bank of Maharashtra collectively.

Rs 13.49 is due to be paid to secured creditors including Rs 2 crores to the PNB.

Proprietor of Joy Exports Mr Sunil Gupta in his petition said a large number of cheques issued by the Polar Industries in his company's name bounced for which he issued legal notices and then initiated criminal proceedings.

The petitioner has requested the court to restrain Polar Industries from selling its ssets till its dues were cleared.

UNI SNG AKJ AS1824