PUNJAB NATIONAL BANK Vs. RAMA FIBERS LTD.

JUDGEMENT

(1.) This is a petition under Sec. 446 of the Companies Act, 1956 read with Rule 117 of the Companies (Court) Rules, 1959 for permission to commence and pursue proceedings against the respondent-company for recovery of Rs 3,69,468.58 by presentation of a petition before the Debt Recovery Tribunal, Jaipur.

(2.) Notice of this petition was issued on 6.11.1997 and official Liquidator appearing on behalf of the respondent-company accepted the notice. Notice was duly served upon , respondents 2 to 9 and affidavit of service was filed on behalf of the petitioner dated 11.12.1997. Service was complete and the matter was listed for hearing for 15.1.1998 when arguments were heard on the merits of the petition.

(3.) The respondent-company was ordered to be wound up vide order dated 11.7.1996 passed in C.P. No. 55 of 1996. In furtherance to the satisfaction recorded by the Board for Industrial and Financial Reconstructing while exercising its powers under Sec. 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 and its final report dated 24th April, 1996, the Official Liquidator attached to this Court had taken over the assets of the Company and since then the Company is in charge of the said Official Liquidator. According to the petitioner-Bank they had, at the request of the respondent-Company, financed their protect and had given them facility to the tune of Rs. 3 crores. The details of the facility granted, as stated in the petition are as under: