V.K. SESHASAYEE AND ANR. Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) THE applicants are the ex -directors of the company in liquidation, viz., M/s. Seshasayee Industries Limited. They have approached this court seeking for a direction to the official liquidator to effectively represent in the proceedings initiated by the ICICI Limited and now pending before the Debt Recovery Tribunal -I, Mumbai, in O. A. No. 355 of 2001 so as to protect the interest of creditors, workers and shareholders.

(2.) THE cause for this application, as could be seen from the affidavit filed on behalf of the applicants, is as follows :

(3.) IN the report filed by the official liquidator, it is stated that as the claims of the workmen have not been concluded, the official liquidator has not participated in the proceedings before the Debt Recovery Tribunal. It is his further case that the applicants being the ex -directors of the company have no locus standi to file this application.