1990 (1) TMI 318

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..... present, are to the tune of ₹ 21,07.251,57. plus interest of Rs., 11,66,178,74,. The bank desires to recover the loans which were guaranteed by one Debrata Das, a resident of Bombay, and therefore, was intending to take the necessary legal proceedings against that company and the said guarantor. It happened however, that, in the meanwhile, an order winding up the company was made and Mr. S. P. Kala was appointed liquidator in his capacity of Assistant official Liquidator attached to the Goa Bench of the Bombay High Court. There fore, in view of the provisions of section 446 of the companies Act, leave of the court is ought to file the aforesaid suit against the official liquidator as well as against the guarantor on the original side .....

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..... ian Bank Ltd. V Imperial Chief Funds (P,) Ltd.. 5. In turn, Mr, Kala, the learned assistant official liquidator, after taking me through the provisions of sections 125 and 132 of the companies Act, submitted that the cause of action in this case has totally and exclusively arisen in Goa and , therefore, by no stretch of imagination, the proposed suit can be filed at Bombay. He further submitted that sub-section (2) of section 446 of the companies Act gives ample jurisdiction to the company court to entertain any suit against a company and there is no restriction that such suits should be filed upon what is stated in Taxman's company Law Digest, page 1448, namely, that after the winding-up, it is the company court which would entertai .....

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..... g contained in any other law in force, have jurisdiction to entertain or dispose of, inter alia, any suit or proceeding by or against the company, whether such suit or proceeding has been instituted or is instituted. A careful examination of these provisions of law makes it clear that once a winding-up order is made or the official liquidator is appointed as provisional liquidator, no proceedings can continue or be instituted against the company without the permission of the court. It is further clear that jurisdiction to entertain or dispose of any suit or proceeding by or against the company is vested in the company court without any kind of restriction. The only restriction that exists under the scheme of section 446 is that the court sh .....

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