MOHAMED ANWAR, J. ,, J. ( 1 ) THIS petition by the Industrial Investments Bank of India Limited and another is filed on 24-11-1997 under Section 40 of the Industrial reconstruction Bank of India Act, 1984 ('the Act of 1984' for short) for the following reliefs against respondent-Indiana Dairy Specialities Limited:"the petitioners therefore most humbly pray: (i) that orders under sub-clauses (i), (iii) and (iv) of Section 40 (1) (b) of the Industrial Reconstruction Bank of India Act, 1984 may be passed; (ii) such other order may be made in the premises as shall be just". ( 2 ) THE substance of the petitioners' case pleaded in the petition is that the respondent is a public company within the meaning of Companies act, 1956 which was established for manufacturing dairy products. The petitioner-Bank is a financial institution to which the undertaking of the erstwhile Industrial Reconstruction Bank of India ('irbi' for short) which was established under the Act of 1984 has been transferred with effect from 27-3-1997 under the provisions of Industrial Reconstruction bank (Transfer of Undertakings and Repeal) Act, 1997 (for short, 'the Transfer Act of 1997' ). On transfer of IRBI, all the rights, liabilities, assets, powers, debentures, securities etc. , stood transferred and acquired by the petitioner-Bank by virtue of the provisions of the transfer Act of 1997. Petitioner 2 who is Chief General Manager of the petitioner-Bank was duly authorised by an authorisation to file this petition. ( 3 ) ON the application made by respondent to the petitioner-Bank for grant of loan of Rs. 225 lakhs under the equities finance scheme the said loan was sanctioned to it by the petitioner under its Letter of Intent dated 10-4-1996. This financial assistance was provided to the respondent -Company on the security of its assets mentioned in Schedule-A appended to the petition. Then respondent-Company entered into a loan agreement at Annexure-D dated 22nd April, 1996 with petitioner-Bank incorporating the terms and conditions of the loan. Respondent defaulted in payment of the quarterly instalments regularly as stipulated in Annexure-D agreement, with the result it has become liable to pay the total amount of Rs. 2,86,66,516/- to the petitioner on account of the said loan, as detailed below: