1998 (3) TMI 527

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....nt. JUDGMENT Swatanter Kumar, J. - This is a petition under section 446(1) of the Companies Act, 1956, seeking permission to proceed with the original application filed by the petitioner on February 12, 1998, pending before the Debt Recovery Tribunal, Jaipur. The necessary facts are that the State Bank of India, a body corporate, had advanced financial loan/assistance to respondent No. 1, Nort....

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....espondent-company had failed to pay debts of other creditors, the company court in C.P. No. 45 of 1996, had directed, vide order dated October 9, 1997, the company to be wound up. The necessity for seeking such permission, thus, arose for the petitioner-bank under section 446 of the Companies Act, 1956. Notice of this petition was issued to the respondent-company. None appeared to oppose the peti....

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....was directed to be taken on record, vide order dated February 20, 1998. The application filed before the Tribunal has been annexed to the amended petition. Having heard learned counsel for the parties and keeping in view the fact that none appeared to oppose this petition, I find no legal impediment in granting the permission prayed for by the petitioner-bank. It is a settled principle of law tha....