GUJARAT HEAVY CHEMICALS LIMITED Vs. TAMIL NADU GLASS WORKS LIMITED COMPANY PETITION NO 41 OF 1991 ICICI LIMITED V OFFICIAL LIQUIDATOR TANGLASS LIMITED C A NOS 268

JUDGEMENT

(1.) FOR the Leave is sought by ICICI Ltd. as also by two banks for continuing the proceedings initiated by them against the company in liquidation. Even before the winding up order came to be made on 25. 6. 1996, icici Ltd. had instituted a suit in the High Court of Bombay in its capacity as secured creditor and had also secured from that court an order appointing the court receiver as receiver for the properties of the company in liquidation. It must be mentioned here that those properties are situated at the outskirts of the city of Chennai. Indian Bank and Allahabad Bank who also claim to be secured creditor of the company have filed their claim before the Debt Recovery Tribunal at Madras. It is stated that they are also parties to the proceedings initiated by ICICI at Bombay and, similarly, ICICI is also party to the proceedings initiated by them at Chennai. The company in liquidation is a party to all those proceedings.

(2.) ALL these secured creditors have expressed their desire to stand outside the winding up, and assert a right to realise their security.

(3.) THE official liquidator reports that he has not as yet called for the claims from creditors, as the directors have failed to file the statement of affairs and the financial position of the company is not known in full to the official liquidator.