2003 (10) TMI 411

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..... under section 446, read with section 456(2) of the Companies Act. By this application, a direction is prayed against Bank of India to pay/release a sum of Rs. 15 lakh in favour of official liquidator. It is contended that an amount of Rs. 15 lakh which admittedly belongs to company in liquidation and is lying in the form of FDR. (Annexure - A to application I.A. No. 1957 of 2003) with the Bank of .....

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..... s by the Labour Commissioner. It is also contended that Bank being one of the secured creditors has to recover large sum from the company in liquidation and for that purpose, they (Bank) have filed a dispute under the DRT Act. 3. Heard Shri Arvind Shukla, official liquidator, Shri P.B.S. Nair, learned counsel for respondent Bank of India and Shri V.K. Dubey, learned counsel for M.P.F.C. 4. .....

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..... moveable asset. It is capable of being distributed amongst those entitled to receive their share while making distribution as per provisions of Companies Act. It is on the basis of these principles a sum of Rs. 15 lakhs has to be made available to official liquidator by the bank so that list of entire assets is properly prepared for its distribution. 6. The powers of this Court in winding up p .....

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