The Industrial Investment Bank of India and a many fixed-deposit holders have opposed the company's move before the CLB. A final hearing on the issue is slated on October 13.

Meanwhile, Metal Box has submitted a list of its creditors to the CLB but the amounts listed as dues by the company have been disputed by the parties.

The company says it owes a total of Rs 66.83 crore to 1335-odd creditors, according to the list drawn up in line with the rehabilitation scheme sanctioned by the Board for Industrial & Financial Reconstruction. The dues admitted by the company include that of fixed deposit holders, banks and financial institutions.

However, State Bank of India has stated in an additional affidavit before the Delhi high court that Metal Box owes it Rs 68 crore as on March 31, 1999 -- which is more than the total dues as admitted by the company.

Sources said the creditors have considered interest rates different from that taken into account by the management. Discrepancy in dues of creditors is likely to be legally disputed.

The Rs 114-crore modified rehabilitation scheme for the company is yet to be approved by the Delhi high court and is likely to come for hearing later this year.

In line with the rehabilitation scheme, the West Bengal government had agreed to advance Rs 5 crore as soft loan to the company on certain conditions for restarting its operations.

State government had pointed out in its objections that: "The Company...is not interested to carry on business within the State solely to avoid the existing employees and denying their legitimate entitlements and is trying to sell of its entire set up from the State making around 2000 workmen unemployed which is not permissible in law".

Metal Box, which turned into a sick company in 1987, has seven units across the country of which the two that are in West Bengal have been lying closed for over 12 years.

In its petition with which the list of creditors is annexed, the management has noted the objections of the state government. It says: "Accordingly, this point is being raised as a desperate move by the Government of West Bengal who do not see the shifting of the Registered Office for reasons best known to itself."

It also stated: "That in view of the parties not having objected either in the stipulated time period, nor this point having been raised in the written objections filed even beyond the statutory period by the West Bengal Government now raising additional points as an after thought is untenable".

One of the company's bankers -- State Bank of Bikaner & Jaipur -- is understood to have told another banker in a letter dated May 7, 1999, that its objections were never noted in the proceedings in meetings between the representatives of the company's management and financial institutions.

According to sources, along with SBI, SBBJ has raised certain objections to the company's modified revival plan. However, SBI is not opposing the company's bid to shift its office since the relocation is not going to affect the total dues to the bank.