1934 (6) TMI 24

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..... . -- This is an appeal from the order of the District Judge, Ludhiana, purporting to be passed under Section 186 of the Indian Companies Act. It appears that the application of the respondents was really made under Section 187 of the Indian Companies Act but the learned District Judge held that it fell under Section 186 of that Act. The first contention of the learned counsel for the appellants i .....

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..... prior to liquidation can be realised under section 186 (See also Steibels' Company Law, third edition, Volume II at page 1048-1050). Kampta Prasad v. Industrial Bank of India and Lahore Bank Ltd. v. Kidar Nath also appear to lend support to the same view, though the point was not directly in issue in these cases. The concluding portion of sub-Section (1) of Section 186 only excludes money payable .....

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..... tion. It is further urged that the liability of the appellants is subject to the limitations imposed by Section 156 (i), (ii) and (iii ) and it is not shown that the conditions requisite for calling upon the appellants to pay the sum claimed from them are fulfilled. It seems to me that there is force in the appellants' counsel's contention that the appellants had no opportunity of meeting the cas .....

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