BOMBAY OFFSHORE SERVICES LTD Vs. SHANKAR NARAYAN

JUDGEMENT

(1.) THIS Petition arises out of a pending Criminal Case No. 109/S/93 filed under Section 138 of the Negotiable Instruments Act, 1881 (hereinafter referred to as ' the said Act ' ). The complaint was filed on 7th December, 1990 by one Public Limited Company. In July 1991, in a winding up petition, the Provisional Official Liquidator came to be appointed, which happened to be a particular department of the State Bank of India. The nature of the Company, which was proposed to be wound up, was a banking company.

(2.) DURING the pendency of the said Winding up Petition, tenders were invited on 3rd March, 1993. While proceeding with the same, in the course thereof, a development took place, whereby the present Respondent No.1 viz. SBI Commercial International Bank Ltd. came on the scene and was permitted to take over all assets and liabilities of the said company in liquidation and with the approval of the Reserve Bank of India as well as the Company Judge, an agreement was minted, and it being a Company, the Liquidator was directed by the Company Judge to execute a Transfer Deed.

(3.) IN view of these documents, Respondent No.1 approached the trial Court with a request that he be substituted in place of the original complainant and that application is dated 22nd April, 1994. The Original Complainant was the Bank of Credit & Commerce International, known as 'BCCI'. Incidentally, it may be mentioned here that the complaint was lodged by the Law Officer, of the said B.C.C.I. and it is the very Law Officer, who represents the Successor Company- SBI Commercial International Bank Ltd. (hereinafter the said SBI Commercial International Bank Ltd. would be referred to as "Successor Company" and the Law Officer-Original Complainant of the Bank of Credit & Commerce International would be referred to as the ' BCCI ').