INDIAN BANK Vs. V S PERUMAL RAJA

JUDGEMENT

(1.) This original side appeal is against the order dated January 19, 1990 , in Company Application No. 569 of 1987 in C. P. No. 58 of 1985 on the file of this court. The applicant therein is the appellant herein. In the said application under section 446 of the Companies Act, 1956 (hereinafter referred to as "the Act"), the applicant sought for leave from this court for it to continue its suit against the fourth respondent-company and the latter's guarantor, on the file of Sub-Court, Tanjore.

(2.) We are told that the said suit has since been numbered as Original Side No. 57 of 1987. It was filed on April 20, 1986, and it is for recovery of a sum of Rs. 5,84,895.23. A winding up order has been passed against the said respondent-company by this,court on August 20, 1986, in the abovesaid C. P. No. 58 of 1985 after the institution of the above suit. Therefore, the abovesaid application has been filed.

(3.) The learned trial judge has granted leave subject to the following terms :