1998 (2) TMI 509

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....ljinder Singh, R.S. Rai and S.S. Aulakh for the Respondent. JUDGMENT Swatanter Kumar, J.- Punjab National Bank (hereinafter referred to as "the bank") has filed this petition under section 446 of the Companies Act, 1956, for permission to present and prosecute an application under section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, before the Debt Recovery ....

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....ing financial assistance. The bank had provided Rs. 100 lakhs financial assistance to the respondent-company which defaulted to repay the amount and as on September 30, 1997, under various accounts a sum of Rs. 2,16,43,702 is stated to be due and payable to the bank by the respondent-company. Respondent No. 1 is the company while respondents Nos. 2 to 5 are the erstwhile directors and guarantors f....

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....arned counsel appearing for the respondents have not pointed out anything on record to show that the proposed petition is barred under any law. The company court which has ordered winding up of the company has a duty to protect the assets of the company but at the same time it must ensure expeditious disposal of the suits and proceedings filed by and against the company if the company court its....