PUNJAB NATIONAL BANK Vs. AMRIT CELLULOSE LTD

JUDGEMENT

(1.) PUNJAB National Bank (hereinafter referred to as "the bank") has filed this petition under section 446 of the Companies Act, 1956, for permission to present and prosecute an application under section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, before the Debt Recovery Tribunal, Jaipur, against the respondents herein.

(2.) IN response to the notice issued in this petition, the respondents have put in appearance through their counsel.

(3.) THE facts to which no dispute can be raised are that Amrit Cellulose Limited is stated to be not in a position to pay its creditors and a company petition for winding up of the company, being C. P. No. 69 of 1995, was filed before this court. Vide order dated October 10, 1997, the company was ordered to be wound up and the official liquidator attached to this court was appointed as liquidator of the company under the provisions of the Companies Act.