CANARA BANK Vs. FOUR A ASBESTOS PRIVATE LIMITED

JUDGEMENT

(1.) The present suit has been instituted by the plaintiff bank against the defendants for recovery of a sum of Rs.1,99,618.08 alongwith interest accrued thereon from 1.9.1977 by sale of mortgaged properties and in the event of there being any shortfall after sale of the aforesaid mortgaged properties for a joint and several decree against the defendants for recovery of the aforesaid amount.

(2.) The suit was originally instituted by Lakshmi Commercial Bank Limited. The said bank was however, subsequently amalgamated with the Canara bank and all suits, appeals and proceedings pending at the time of the notification amalgamating the said bank with the plaintiff bank were authorised to be prosecuted and enforced by the plaintiff bank and accordingly, the Canara Bank is substituted as the present plaintiff.

(3.) The defendant No.1 was incorporated as a Private Limited Company with defendants No.2 to 9 as its Directors. The defendant No.1 was wound up by orders of this court in C.P. 26/1976 by an order dated 28.9.1976. After the order of winding up the plaintiff bank filed an application under Section 446 of the Companies Act which was registered as C.A.No. 187/197, seeking permission of the High Court to institute the present suit. The Company Judge of this court by his order dated 22.8.1977 accorded the permission for filing of the suit.