OFFICIAL LIQUIDATOR HIGH COURT BOMBAY LIQUIDATOR OF GLASS CARBOYS AND PRESSED WARES LIMITED Vs. UNITED COMMERCIAL BANK

JUDGEMENT

(1.) WORKERS versus Secured Creditors could be the cause title of this case. It is a class conflict, which has surfaced in the winding up planes of the corporate sector. Both sides have fought with arms and ammunitions garnered from the provisions of the Companies Act, 1956. Who is the victor, and who the vanquished, is the final phase which spectactors could wish to see. Intermediate stratagems and tactics, and the fighting feats are, however, indispensable narratives required for the better appreciation of the final show. They are alluded to hereunder.

(2.) THE company, Glass Carboys and Pressedwares Ltd. ran into financial straits. Its winding up was sought and got, when it was unable to pay its debts. The winding up order was passed on 15-11-1972, in Company Petition No. 27 of 1971.

(3.) THERE were secured creditors, like the Maharashtra State Financial Corporation and United Commercial Bank. They could stand out side the winding up proceedings, and appropriate to them their secured rights from the assets of the company. United Commercial Bank filed a Suit No. 703 of 1975 before this Court. There was no defence; the decree passed on 22-4-1976.