1998 (2) TMI 519

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....This petition under section 446 of the Companies Act, 1956, read with rule 9 of the Companies (Court) Rules, 1959, has been filed by the Punjab National Bank for leave to continue its execution proceedings in furtherance to the judgment and decree passed in their favour by the Sub-Judge, Chandigarh, for recovery of Rs. 34,16,808.65 dated February 28, 1990. This execution petition has been transfer....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t-company was ordered to be wound up by the order of the company court passed in C.P. No. 27 of 1983. The official liquidator attached to this court was appointed as official liquidator of that respondent-company. The applicant-bank is a secured creditor and has charge on land, buildings, plant, machinery and other fixed assets of respondent No. 1. Thus, the need for filing the present applicat....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... be made for appropriate orders." It is clear from the above order that further proceedings in the winding up are stayed. The applicant-bank is a secured creditor and the decree passed by the court of competent jurisdiction has already become final between the parties. The observations of the apex court also indicate that execution proceedings can continue. Learned counsel appearing for the ban....