1995 (3) TMI 398

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the Petitioner. R.K. Aggrawal for the Respondent. JUDGMENT N.K. Sodhi, J. - This petition under section 446(3) of the Companies Act, 1956 (for short, "the Act"), has been filed by the official liquidator with a prayer that Civil Suit No. 1494 of 1988 filed by the New Bank of India (now Punjab National Bank and referred to hereinafter as "the bank") for the recovery of Rs. 2,68,43,089.23 f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ridabad. The defendants in the suit have been served, issues framed and the parties are now leading their evidence. It is at this stage of the suit that the official liquidator filed the present petition for the transfer of the suit. The only plea urged on behalf of the official liquidator is that for paucity of funds it may not be possible for him to contest the suit effectively at Faridabad and ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d the claim of the bank when he filed the Company Petition No. 115 of 1987 in this court for a direction to the secured creditors to give funds for appointing watch and ward staff. Even now it is not disputed on behalf of the official liquidator that the principal amount as claimed by the bank is due to it as per the statement of affairs filed by the ex-directors of the company though it is submit....