9911796707
TMI Blog1998 (2) TMI 525X X X X Extracts X X X X X X X X Extracts X X X X ..... garh, under section 446(1) of the Companies Act, 1956, seeking leave/to prosecute with the original application filed by the bank before the Debts Recovery Tribunal at Jaipur. The averment in the petition is that State Bank of Patiala (hereinafter referred to as "the bank") was approached by Northland Sugar Complex Limited (hereinafter referred to as the company in liquidation) for financial assis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l securities were furnished. All the private respondents had earlier executed documents for themselves and on behalf of the bank in favour of the petitioner. As the company in liquidation defaulted in repayment of the amounts advanced to them, the bank was left with no alternative but to claim its dues through due process of law. Consequently, the bank filed a petition on October 8, 1997, agains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the order of winding up, but in any case in order to continue the recovery proceedings against the company, it was mandatory for the bank to seek permission of the company court in accordance with the provisions of section 446 of the Companies Act. The respondents have been served and arguments have been heard. Learned counsel appearing for the respondents fairly stated that there could be no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the suit or proceedings to be dealt with and decided before the company court itself, in that event, the permission would normally be granted to the applicant. No legal impediment has been shown for grant of permission. The copy of the application (annexure P-1) shows that the amount prima facie is due and such a claim is not barred in law. This court is not concerned with the merits of the claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t a subsequent stage. For the reasons aforestated, I find no reason as to why permission prayed for be not granted to the applicant-bank. Consequently, this petition is allowed. The bank is granted permission under section 446(1) of the Companies Act to continue and proceed with the application filed by it before the Debts Recovery Tribunal and to have the same decided in accordance with law. Le ..... X X X X Extracts X X X X X X X X Extracts X X X X
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