CANARA BANK Vs. PUNJAB CERAMICS LTD

JUDGEMENT

(1.) THIS petition is under section 446 (1) and (2) of the Companies Act, 1956 (hereinafter referred to as "the Companies Act"), for permission to file a suit against the respondent.

(2.) THE petitioner is a nationalised bank and a body corporate constituted under the provisions of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, with its head office at J. C. Road, Bangalore, and its branches all over India. There is a branch of the petitioner-bank at Civil Lines, Bhatinda. Mr. B. Suresh is the authorised principal officer of the petitioner-bank, who has filed the present petition on behalf of the bank.

(3.) REQUISITE documents were executed by the respondent-company through its director-general in favour of the petitioner-bank. A company petition was filed against the respondent-company which was allowed and the respondent-company was directed to be wound up by this court.