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TMI Blog1969 (12) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... "the corporation."), on the security of a mortgage deed executed by the company on 14th of November, 1963, and a further advance of Rs. 36,000 was made in October, 1965. The company failed to pay the instalments as agreed and the corporation took steps in the Court of the District Judge, Ludhiana, for the recovery of the loan in accordance with the procedure laid down in the Punjab Financial Corporation Act, 1951. On an application being filed by the voluntary liquidator in C.O. No. 18 of 1969, the proceedings pending before the District Judge were stayed and ultimately the property of the company, which was subject to the mortgage with the corporation was sold by private negotiations with the permission of the court. The present applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gistrar of Companies, Jullundur, led on behalf of the petitioner, was to the effect that the company wrote a letter bearing the date 3rd of December, 1963 (exhibit P-1), to the Registrar of Companies, which was received in the office of the Registrar on 7th of December, 1963. He further stated that the prescribed form with particulars of the charge created by the company was also received the same day. Now the covering letter, exhibit P-l, sent by the company mentions that a copy of the mortgage deed dated 14th of November, 1963, was also being sent. Admittedly, there is no letter written by the Registrar intimating to the company that such a copy was not received. However, the above-mentioned witness stated that the copy of the mortgage de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the requirements of this part as to registration have been complied with." On behalf of the learned counsel for the corporation, it was urged that section 125 of the Act requires the requisite documents, etc., to be "filed with the Registrar" and this is not the same thing as delivered to or received by the Registrar as provided in section 95 of the English Act and that so long as the company sends these particulars in time, it does not make any difference that due to inefficient service of the postal authorities, these reach the hands of the Registrar a little later. It was also urged that under the proviso if the Registrar is satisfied about the delay, it can condone it and no application is necessary to be given. I feel it is not nec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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