Following the statement made by ABCL, the Mumbai High Court on Friday passed an injunction order restraining the company from selling the said property--Bachchan's bunglow `Pratiksha' at Juhu, Mumbai. The motion on attachment of property was heard by Justice AP Shah. The case for the appointment of court receiver for recovery of dues worth Rs 9.93 crore will come up for hearing on April 22.

Talking to The Financial Express, Canara Bank lawyer Nishit Dhruva of M Dhruva & Co said, "We will be able to recover the outstanding dues from the possible sale of the two flats located at Juhu mortgaged with us."

The court rejected ABCL's plea that it cannot conduct legal proceedings against the guarantors--Amitabh Bachchan and Jaya Bachchan--as thecompany has gone to the Board of Industrial and Financial Reconstruction (BIFR) by stating that both the guarantors are liable for payment of outstanding dues.

The income statement submitted to Canara Bank by Bachchan--a copy of which is in possession with The Financial Express--states that the promoter's net annual income as on March 31, 1994, was Rs 34,52,850.

The petition for the attachment of the promoter's bunglow was filed by Canara Bank last Tuesday. The Canara Bank-ABCL court case was referred to the BIFR on March 22, four days after the appointment of the court receiver (March 17) for taking possession of the company's assets.

According to industry sources, "ABCL is looking for an `escape route' as the promoters are not keen to payback the amount due to the bank by going to BIFR."

According to sources, Canara bank wants to attach the property of the filmstar mortgaged as collateral with the bank--the market price of which is estimated at around Rs 80 lakh.

In a civil suit filed onMarch 17 for payment of the outstandings, Canara Bank charged the ABCL chairman Amitabh Bachchan and vice-chairman Jaya Bachchan for the non-payment of bank advances provided by way of open cash credit facility to the tune of Rs 2.4 crore, overdraft against book debts amounting to Rs 5.6 crore, foreign letter of credit comprising Rs 2.5 crore and guarantee facility worth Rs 3.5 crore.

According to the charges laid out by the bank, the company has not paid the principal amount as well as the interest accrued on it from the time the loan was given to the company. As on March 31, 1998, the company's total stock stood at Rs 18.96 crore.

For the year ended September 30, 1998, ABCL piled up accumulated losses amounting to Rs 70.82 crore which leaped well beyond its net worth at Rs 60.52 crore.