GLEITLARGOR INDIA P LTD Vs. MAZAGAON DOCK LTD

JUDGEMENT

(1.) This group of 13 appeals raise a common question of law as to the scope of ss. 458A of the Companies Act, 1956 (hereinafter referred to as "the Act"), and can, therefore, be disposed of by this common judgment.

(2.) The official liquidator is the appellant in all these appeals. Respondents in all these appeals are the debtors of Alcock Ashdown Co. (hereinafter referred to as "the company"). The company claims this amount for the repair works of the vessel carried on in the year 1971 at the instance of the debtors. An order for winding up of this company was passed on December 13, 1972, in Company Petition No. 86 of 1971 dated August 24, 1971. The appellant was appointed as liquidator therein.

(3.) The State Bank of India (hereinafter referred to as "the bank") is one of the secured creditors of the company, the books debts of the company having been hypothecated, amongst others, therewith as security. The bank filed a suit being Suit No. 426 of 1973, against the official liquidator for recovery of its debts to the tune of Rs. 1,18,88,504 on April 24, 1973, with the leave of the court. At the instance of the bank, a receiver was appointed on May 4, 1973, with authority, amongst others, to recover these book debts. This order was, however, modified, firstly, on May 16, 1973, and finally with the consent of the liquidator, on July 11, 1973, excluding these books debts form his charge, presumably to enable the liquidator to enfore the recovery by recourse to his powers under the Act.