The hearing will be centered around an IDBI report which examines in detail the legal tussle between ICICI and Parasrampuria Synthetics Ltd (PSL).

It comes after a special leave petition filed by the institution against PSL in the Supreme Court alleging that the company had made a false reference to BIFR.

IDBI, which submitted the report to Supreme Court on October 5, is believed to have come to the conclusion that Parasrampuria had deviated from the accounting practices laid down by the Institute of Chartered Accountants of India.

"Since IDBI is more or less supportive of ICICI's views on the issue, it has been proved beyond doubt that PSL had made a false reference to BIFR," said an ICICI official.

IDBI report is belived to have said that the company's decision to change to written down value method from straight line method for calculating depreciationcannot be justified as it runs counter to the major clauses in the accounting standards of Institute of Chartered accountants of India.

IDBI approached the Supreme Court as the Bombay high court had rejected ICICI's plea for the appointment of a receiver on March 3, 1998 and also rejected the contention that PSL cannot be considered as pending before Board for Industrial and Financial Reconstruction.

With both Bombay and Delhi high courts rejecting ICICI's plea, the institution had filed a special leave petition with the Supreme Court requesting for a re-look on the issue. The Supreme Court has, then, asked IDBI to make an enquiry into the contentious issues.