ARISTO CHEMICALS Vs. RAJASTHAN WOOLTEX LTD

JUDGEMENT

(1.) This is an application under Section 445(l) of the Companies Act, 1956, for seeking leave to file a civil suit against M/s . Rajasthan Wooltex Ltd. and its guarantors. It is stated that a winding up order has been passed ag aipst non-petitioner M/s. Rajasthan Wooltex Ltd. by this Court on 18th September, 1987, It is further stated by the applicant that it advanced loans to M/s. Rajasthan Wooltex Ltd. and M/s. Rajasthan Wooltex Ltd. executed various documents in favour of the Bank for the security of the loan. M/s. Balwant Singh, Sheela Balwant Singh and Siddarth Kumar, who were the Directors of the Company 1990 had also executed an agreement or personal guarantee on 15th October, 1985 for Rs. 23,99,597.97. It is further stated that on 5th October, 1988, a sum of Rs. 50,65,221.33 is outstanding against the said Company. The case of the applicant Bank is that it has a right to recover the aforesaid amount and that the applicant is a secured creditor and has the first charge over the assets of the Company as per the agreement of hypothecation dated 15th October, 1985. In the circumstances, the applicant is seeking leave of this Court to institute proceedings for filing a civil suit for the recovery of the amount mentioned above, against the debtor Company and the Directors or the guarantors mentioned above.

(2.) In the facts and circumstances of the case, the applicant is granted leave to institute a civil suit against M/s. Rajasthan Wooltex Ltd. and guarantors.

(3.) The application is disposed of accordingly.