1998 (1) TMI 456

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....T Swatanter Kumar, J. - This petition is under section 446(1) and (2) of the Companies Act, 1956 (hereinafter referred to as "the Companies Act"), for permission to file a suit against the respondent. The petitioner is a nationalised bank and a body corporate constituted under the provision of the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970, with its head office at ....

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....spondent-company with the petitioner-bank had become irregular and they were at default as on January 24, 1997, for a total sum of Rs. 53,47,087.95. This amount become due and payable by the respondent-company to the petitioner-bank. It is alleged by the petitioner-bank that their dues are within limitation and prima facie they have a tenable claim. Annexures P-1 and P-2 have been filed in support....

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....s prayed for. The endavour of the company court would normally be to have the affairs of the company and more particularly the case by or against the company decided expeditiously and save unnecessary expenses. For the reason aforestated, this petition is allowed. The petiitioner-bank is granted leave under section 446(1) and (2) of the Companies Act to institute and pursue its claim petition b....