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TMI Blog1998 (2) TMI 509X X X X Extracts X X X X X X X X Extracts X X X X ..... t. JUDGMENT Swatanter Kumar, J. Punjab National Bank (hereinafter referred to as "the bank") has filed this petition under section 446 of the Companies Act, 1956, for permission to present and prosecute an application under section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, before the Debt Recovery Tribunal, Jaipur, against the respondents herein. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... akhs financial assistance to the respondent-company which defaulted to repay the amount and as on September 30, 1997, under various accounts a sum of Rs. 2,16,43,702 is stated to be due and payable to the bank by the respondent-company. Respondent No. 1 is the company while respondents Nos. 2 to 5 are the erstwhile directors and guarantors for the repayment of the loan of the bank. Respondents Nos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed out anything on record to show that the proposed petition is barred under any law. The company court which has ordered winding up of the company has a duty to protect the assets of the company but at the same time it must ensure expeditious disposal of the suits and proceedings filed by and against the company if the company court itself cannot dispose of the proceedings expeditiously. Normal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al, Jaipur, and pursue the same. However, the grant of leave is conditional that the recovery certificate/decree passed by the Tribunal on this petition would not be executed against the assets of the company without the specific leave of this court to that effect at that stage. This petition is accordingly disposed of. There shall be no order as to costs. - - TaxTMI - TMITax - Corporate Law ..... X X X X Extracts X X X X X X X X Extracts X X X X
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