9911796707
TMI Blog2004 (5) TMI 326X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany in liquidation ) pending before the Delhi High Court on such terms and conditions as this Court may impose. 2. The relevant facts, in brief, as set out in this application are that the company in liquidation approached the applicant-company by a written request dated 9-2-1995 to reserve space segment on the Intelsat Satellite IS-704 at 66 degree East, a guaranteed 36 Mhz bandwidth transponder on a non-pre-emptible lease basis for a period of 10 years with a start date of 1-4-1995 in the C-band spot beam transponder covering the Indian sub-continent and the Middle East. The applicant-company agreed to arrange and provide the above requested space segment capacity to the respondent-company and an agreement dated 31-7-1996 was entere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and conditions of the agreement, the applicant-company informed the UTI Bank, that the respondent-company had failed to perform as per the terms and conditions of the agreement and had committed a breach of its obligation under the agreement and, therefore, the applicant-company was constrained to invoke the bank guarantee. The applicant-company demanded and called upon the UTI Bank to pay an amount of Rs. 1,62,43,650 immediately. It is alleged that the applicant-company reserved its right to the claim the balance amount of the bank guarantee as and when the applicant-company chose to invoke the balance amount of the bank guarantee. 4. The applicant-company stated further that the UTI Bank informed the applicant-company that the liabil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hever is earlier; and ( d )pass decree in terms of prayers ( a ) to ( c ) above; and ( e )pass ex parte orders in terms of prayers ( a ) to ( d ) above; and ( f )pass such further order or orders as this Hon ble Court may deem fit and proper in the facts and circumstances of the case." 5. The applicant-company submitted that during the pendency of the suit, this Court passed an order dated 16-8-1999 for winding up the respondent-company and the Official Liquidator was appointed as the Liquidator of the company. Accordingly, the Delhi High Court directed the applicant-company to seek appropriate permission from this Court under section 446 of the Companies Act to continue with suit No. 1011 of 1998. 6. This Court by an orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er leave should be granted or not in the present case. Admittedly the suit was instituted by the applicant-company before the Delhi High Court in 1998 prior to the winding up order dated 16-8-1999 passed by this Court. The Official Liquidator has contended that the suit should be transferred to this Court under section 446(3), which lays down that any suit or proceedings against the company which is pending in any Court other than that in which the winding up of the company is proceeding may, notwithstanding anything contained in any other law for the time being in force, be transferred to and disposed of by that Court. 11. No doubt , the winding up Court has the power to transfer before it all the proceedings pending against the compan ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
