A release by Metal Box's media consultant says that due to a two-day strike by Delhi high court advocates on May 18 and 19, the case has been adjourned to July 20.

On the reported issue of SBI's opposition to the revival package, the release quoted the company's promoter Vinod Krishna as saying: "On the one hand, the players want settlements, but on the other they raise issues which have already been settled."

He felt that at times new issues are raised which are contrary to the tenets of the scheme sanctioned by the Board for Industrial & Financial Reconstruction (BIFR) and the Appellate Authority for Industrial & Financial Reconstruction.

Along with SBI, State Bank of Bikaner & Jaipur (SBBJ) and Industrial Development Bank of India have all throughout insistedthat the court should also take into consideration the valuation done by Housing Development Finance Corporation (HDFC) instead of only SR Batlibio's. While HDFC valued the Worli property at around Rs 64 crore, Batliboi valued the same property at around Rs 43 crore.

The banks have also insisted that the Maharashtra government spell out the status of the Worli property, following which the price will be subject to change.

At a joint meeting of the banks and financial institutions, SBI, SBBJ and IDBI, like in all previous occassions, have recorded their objections and cleared the Rs 113.8-crore revival package but with certain conditions.

Krishna maintains that had the various parties accepted the valuation of the Worli premises in 1995, the company by now would have reached the mid-point of its revival.

He has pointed out that the rigid approaches by the nationalised banks will make the package "unimplementable and settlements of banks will remain on paper".