8-K

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K

                                 Current Report
                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934
                              (the "EXCHANGE ACT")

         Date of Report (date of earliest event reported): June 20, 2001

                           NETSOL INTERNATIONAL, INC.

                                 (the "COMPANY")

             (Exact Name of Registrant as Specified in its Charter)

                                     Nevada
                 (State or Other Jurisdiction of Incorporation)

               333-28861                                95-4627685

       (Commission File Number)                (IRS Employer Identification No.)

          (Address of Principal Executive Offices, Including Zip Code)

               24025 PARK SORRENTO, SUITE 220, CALABASAS, CA 91302


                                 (818) 222-9195


              (Registrant's Telephone Number, Including Area Code)



                    INFORMATION TO BE INCLUDED IN THE REPORT

ITEM 3. BANKRUPTCY OR RECEIVERSHIP

         On June 18, 2001, the District Court of Clark County, Nevada, pursuant
to a hearing on the NetSol International, Inc. vs. Jonathan D. Iseson, et al.
civil action (Case No. A435871) for a pending motion for a preliminary
injunction appointed George C. Swarts as Temporary Receiver with full power for
the Company and all of its subsidiaries and affiliates. The Court ordered that
all communications from the Company be directly from the Receiver or approved
in advanced by the Receiver. The Court also ordered that Mr. Swarts file a bond
with the clerk of the Court by June 28, 2001.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

        (c)  Exhibits. The following documents are filed as exhibits to this
             report:

        99.1 Order, District Court, Clark County, Nevada, Case No. A4345871
             dated June 18, 2001.



SIGNATURES:

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                       NETSOL INTERNATIONAL, INC.

                                       By: /s/ GEORGE C. SWARTS
                                          --------------------------------
                                       (Print name and title of signing officer)
                                       George C. Swarts, Receiver

                                       Dated: June 20, 2001


                                       2

EX-99.1

                                                                    EXHIBIT 99.1

AVIVA Y. GORDON, ESQ.                                   ------------------------
Nevada Bar No. 5333                                             FILED
ELLIS & GORDON                                           JUN 18 9:21 AM '01
510 S. Ninth Street
Las Vegas, NV 89101                                      SHIRLEY B. PARRAGUIRRE
(702)385-3727                                           ------------------------
Attorneys for George C. Swarts, Receiver



                                 DISTRICT COURT

                              CLARK COUNTY, NEVADA

NetSol International, Inc., a                        )        Case No. A435871
Nevada corporation,                                  )        Dept No. XII
                                                     )
         Plaintiff,                                  )
                                                     )
vs.                                                  )
                                                     )
Jonathan D. Iseson, et al.                           )        ORDER
                                                     )
         Defendants.                                 )
- -----------------------------------------------------)

         The court upon review of all the pleadings and arguments made of
counsel all parties, and the court having determined that their good cause be
good cause and proper reason makes the following findings:

         Based upon the pleadings and papers on file with the court in relation
to the pending motion for preliminary injunction, the court finds that it is
appropriate to appoint a receiver under the circumstances presented. The court
finds that it has jurisdiction to appoint a receiver over NetSol International.
Furthermore, all parties consent to said appointment of the receiver.

         Specifically, the court finds that it should appoint a receiver in
accordance with NRS 78.635(1), in order to protect the creditors and
stockholders of the corporation.



         Therefore, in accordance with the findings of the court:

         IT IS HEREBY ORDERED, ADJUDGED AND DECREED that George C. Swarts is
appointed as Temporary Receiver (hereinafter referred to as "receiver")with full
power of an equity receiver for NetSol International, Inc., and all its
subsidiaries and affiliates and of all funds, properties, premises and other
assets directly or indirectly owned wherever situated, beneficially or otherwise
by NetSol International, Inc. with the direction and authority to accomplish the
following:

         A. Take custody, control and possession of all funds, bank accounts,
brokerage accounts, property, premises, mail and other assets of or in the
possession or in control of the entities, including the contents of any safe
deposit box wherever situated, with full power to divert, return to sender, hold
without opening, open or copy any mail and to sue for, collect, receive and take
into possession all goods, chattels, rights, credits, monies, effects, land
leases, books, working papers and records of accounts, including electronic file
and any media and all other papers and documents of the entities;

         B. Conserve, preserve, protect, hold and administer the business and
all assets of NetSol International, Inc. until further order of this court with
full authority to perform all acts necessary incidental thereto, including
terminating employees and independent contractors;

         C. Employ any managers, accountants, agents, attorneys, investigators,
employees, servants, accountants and technical specialists as may in the
Receiver's judgment be advisable or necessary in the management, conduct,
control or custody of the affairs of the entities and the assets thereof and
otherwise generally to assist in the receivership;

         D. Make any payments and disbursements that may be necessary and
advisable for the preservation of the properties of NetSol International, Inc.
and as may be necessary and advisable in discharging the receivership duties;



         E. Receive and collect any and all sums of money due or owing the
entities in any manner whatsoever and to do such things and enter into such
agreements in connection with the administration, care, preservation and
maintenance of the properties of the entities as the Receiver may deem
advisable;

         F. Sell or dispose of assets which the receiver deems to be in the best
interest of NetSol International, Inc. subject to previous court approval for
any such transaction;

         G. Institute, prosecute and defend, compromise, adjust, intervene in or
become party to any actions or proceedings in state, federal or foreign court as
may in the Receiver's opinion be necessary or proper for the protection,
maintenance and preservation of the assets of the entities or the carrying out
of the terms of this order and likewise to defend, compromise or adjust or
otherwise dispose of any or all actions or proceedings now pending in any court,
by or against the entities, or the prosecution, defense or other disposition of
those actions or proceedings will in the judgment of the Receiver be advisable
or proper for the protection of the properties of the entities;

         H. To make periodic reports, observations and recommendations to this
court and seek guidance and instructions from this court if the Receiver deems
it necessary upon one day's written or oral notice to all parties who filed an
appearance in this proceeding;

         I. The Receiver and its accountants, attorneys, agents and consultants
shall be compensated from the assets of the receivership estate for their normal
hourly charges and for all expenses incurred by them in fulfilling of the terms
of this order. This compensation for the Receiver shall be at the rate of $250
per hour. This compensation for the Receiver's personnel and for other agents
and consultants of the Receiver shall be at their customary hourly rates. The
Receiver shall also be compensated for photocopying, long distance, postage,
travel and other expenses at actual cost. The Receiver may pay itself and its
accountant, attorneys, agents and



consultants on a regular basis as and when billed from the assets of the
receivership estate provided that the Receiver shall apply to the court for
approval of these charges at regular intervals of three months;

         J. The Receiver shall be granted the right to enter into any business
arrangement or relationship that he may deem to be reasonably necessary in the
furtherance of his duties as receiver for NetSol International, Inc..

         IT IS FURTHER HEREBY ORDERED, ADJUDGED, AND DECREED that immediately
upon service of this order upon them, all parties and any other persons or
entities served with a copy of this order shall deliver to the Receiver:

         A. Possession and custody of all funds, assets, property owned
beneficially or otherwise and all other assets where situated of NetSol
International, Inc., its subsidiaries or affiliates;

         B. Possession and custody of all books, records of account, all
financial and accounting records, balance sheets, income sheets, bank records,
including monthly statements, canceled checks, records of file transfers and
check registers, title documents and other papers of NetSol International, Inc.,
its subsidiaries or affiliates;

         C. All passwords or codes required to access any hardware, software,
electronic file or media;

         D. All keys, passwords, identification numbers, entry codes and
combinations to locks required to open or gain access to any of NetSol
International's property or effects, computer files, including backup tapes, and
all monies in any bank deposited by or to the credit of the entities wherever
situated;

         E. All information identified in the accounts, employees, properties or
other assets or obligations of the entities;



         IT IS FURTHER HEREBY ORDERED, ADJUDGED AND DECREED, that the parties to
this litigation shall refrain from interfering with the Receiver taking custody,
control or possession of assets of the entities and from interfering in any
manner directly or indirectly with the custody, possession and control of the
Receiver; shall fully cooperate and assist the Receiver appointed in this
action; are prohibited and enjoined from collecting any debts or demands due to
NetSol International, Inc. except as may be requested by the Receiver; paying
out, assigning, selling, conveying, transferring, encumbering or delivering
assets of the entities to any person or entity other than the Receiver; and will
take no action directly or indirectly to hinder or obstruct the Receiver in the
conduct of his duties or to interfere in any manner directly or indirectly with
the custody, possession, management or control by the Receiver.

         IT IS FURTHER HEREBY ORDERED, ADJUDGED AND DECREED that communication
from NetSol International, Inc. to third parties, including but not limited to
customers of NetSol International, Inc., shall be limited to communication
either directly from the receiver and/or that which is previously approved by
the receiver.

         IT IS FURTHER HEREBY ORDERED, ADJUDGED AND DECREED that any bank,
savings and loan institution, credit union, financial institution, brokerage
house, money market or mutual fund, common carrier, storage company, escrow
agent, title company, commodity trading company, trustee, internet service
provider, or any other person, partnership, corporation or other legal entity is
served with a copy of this order shall cooperate with all reasonable requests of
the Receiver relating to the implementation of this order, including
transferring funds and the contents of safe deposit boxes at the Receiver's
discretion and producing records relating to the entity's account for the
Receiver.

///

///



         IT IS FURTHER HEREBY ORDERED, ADJUDGED AND DECREED that the Receiver
shall file with the clerk of this court within ten days of entry of this order a
bond in the sum of five thousand dollars ($5,000) with sureties to be approved
by the court.

         DATED this 18th day of June, 2001.

                                                    /s/ JAMES C. MAHAN
                                                    ----------------------------
                                                    DISTRICT COURT JUDGE

Submitted by:

ELLIS & GORDON



By: /s/ AVIVA Y.  GORDON
    ----------------------------
        Aviva Y. Gordon, Esq.
        510 S. Ninth Street
        Las Vegas, NV 89101
        (702)385-3727
        Attorneys for the George C. Swarts, Receiver