SYNDICATE BANK T NAGAR MADRAS Vs. RAJIVI NAIK

JUDGEMENT

(1.) SYNDICATE Bank, T. Nagar Branch, Madras-17 filed an Original Suit No. 1583 of 1974 on the file of the City Civil Court, Madras against one Haridass Kamath and the respondents, who are the legal representatives of the deceased N.V. Naik, claiming a sum of Rs. 44,934/- in the suit. Haridass Kamath remained ex parte . The legal heirs of late N.V. Naik appeared through counsel and made an endorsement before the Court seeking for a decree being passed as prayed for against the assets of the deceased N.V. Naik in their hands. The Court after recording the endorsement passed a decree on 20.7.1979 personally against Haridass Kamath with costs and a decree against the assets of the late N.V. Naik in the hands of the legal representatives, viz., the respondents herein. According to the Bank, the Bank was not able to realise the decree amount as per the joint endorsement in the suit, inspite of several attempts. The present petition has been filed under S. 108 of the Presidency Towns Insolvency Act (hereinafter referred to as the Act) for administration of the estate of late N.V. Naik in the hands of the legal representatives, viz., the respondents in the present petition.

(2.) THE present petition is resisted by the respondents. THEy filed a common counter - statement dated 11.10.1990. According to the respondents, the petition is not maintainable for the following reasons:

(3.) MR. S.B.S. Raman, learned counsel for the respondents first argued on the question of maintainability of the present petition under S. 108 of the Act. It is relevant at this stage to extract S. 108 of the Act: