https://www.taxtmi.com/caselaws?id=111711 The High Court of Allahabad held that the compromise decree obtained by an unsecured creditor, State Bank of India, was not binding in the liquidation proceedings as the Official Liquidator was not involved. The court emphasized the necessity of involving the Official Liquidator post the winding up of the company and obtaining permission to pursue a suit. As the bank failed to do so, the compromise decree was deemed non-binding. The bank was advised to file a claim to recover the debt before the Central Government as an unsecured creditor. The court disposed of the company's application based on these findings. en-us Wed, 07 Sep 2005 00:00:00 +0530 Tue, 24 Apr 2012 18:08:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111711 The High Court of Allahabad held that the compromise decree obtained by an unsecured creditor, State Bank of India, was not binding in the liquidation proceedings as the Official Liquidator was not involved. The court emphasized the necessity of involving the Official Liquidator post the winding up of the company and obtaining permission to pursue a suit. As the bank failed to do so, the compromise decree was deemed non-binding. The bank was advised to file a claim to recover the debt before the Central Government as an unsecured creditor. The court disposed of the company's application based on these findings. Case-Laws Companies Law Wed, 07 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111711