ICICI BANK LTD Vs. SIDCO LEATHER

JUDGEMENT

(1.) LEAVE granted.

(2.) INTERPRETATION of Sections 529 and 529-A of the Companies Act, 1956 is involved in this appeal, which arises out of a judgment and order dated 4/8/2004 passed by the High Court of Judicature at Allahabad in Special Appeal No.698 of 2002 affirming the judgment and order dated 24/5/2002 passed by a learned Singh Judge of the said Court.

(3.) ON an application for winding up of the 1 st Respondent made before the High Court of Judicature at Allahabad, an order was passed on 16-12-1993 directing its winding up whereupon an Official Liquidator was appointed. The borrowing facilities of the said Respondent had been terminated. A suit for recovery of the credited sum was filed by the appellant along with the Respondent Nos.3 and 4 herein against the 1st Respondent in the High Court of Judicature at Bombay, which was numbered as Suit No.2789/1995. The said suit was thereafter transferred to the Debt Recovery Tribunal, Bombay. Recovery proceedings are admittedly pending adjudication.