1997 (4) TMI 385

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.... Puri and A.K. Dutta for the Respondent. JUDGMENT Mahinder Narain, Actg., CJ.-The way we perceive this case, it is apparent that the appointment of the provisional liquidator made by the Bombay High Court in company proceedings, was a conditional appointment. Before the time fixed for performance arrived, the parties had entered into a settlement, the effect of which settlement was that the ....

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.... be, may, by writing, request the Chief Presidency Magistrate or the District Magistrate within whose jurisdiction such property, effects or actionable claims or any books of account or other documents of the company may be found, to take possession thereof, and the Chief Presidency Magistrate or the District Magistrate may thereupon after such notice as he may think fit to give to any party, take....

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....d". It is not disputed that the boiler in question in this case, which is fired by rice husk, was the subject matter of a lease agreement, the lease money in connection whereof had not been paid. Upon failure to pay the lease money, instalments and arrears, the company from which it had been hired, i.e., the Credit Capital Finance Corporation Limited, the respondent herein, could take possessio....