TaxTMI 
TaxTMI 
2000 (1) TMI 795
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.... 2. The petitioner is the hirer and Montana International Ltd. (company in liquidation) approached the applicant-company for purchase of hot air generators alongwith accessories following specifications mentioned in the invoice of A & M Technologies (P.) Ltd. The company in liquidation submitted a proforma invoice alongwith duly filled application to the applicant for financial assistance. As the proposal submitted by the respondent-company in liquidation is found to be viable, the applicant-company accepted to extend financial assistance and also entered into a hire purchase agreement with the applicant-company on 24-4-1996 for a sum of Rs. 23,60,600, that includes financial assistance and financial charges. The respondent-company undertoo....
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....ot maintainable and the petitioner-company does not have any right as against the hypothecation charge of the bank who is a secured creditor. The respondent-company created an equitable mortgage in favour of the bank and submitted necessary forms to the Registrar of Companies and the Registrar of Companies issued charge certificate on 27-11-1995 for a sum of Rs. 10,57,00,000. The equipment, if any, supplied by the petitioner is with due notice and full knowledge of particulars of the creditor bank as charge holder and the petitioner does not have any right to seek for delivery of equipment described in the petition. 4. In the reply affidavit filed by the applicant, it is stated that the Official Liquidator himself admitted about creation....
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....gs to the bank. In an application filed under section 446 of the Companies Act, 1956, the bank will have control over the entire properties of the company, and the respondent-company executed necessary loan documents and the charge against the machinery of the respondent-company was registered with the Registrar of Companies, therefore, the properties belong to the bank. As the bank is a secured creditor, the hot air generator cannot be released in favour of the petitioner. 7. The learned counsel for the respondent-company is unable to show or establish that these two hot air generators are the properties belonging to the company, nor is he able to establish that the said properties were shown as properties of the company in the certific....
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....ourt as from the date of the order for the winding-up of the company. Under the said provision, [i.e., sub-section (1) of section 456 of the Companies Act, 1956] the appointment of the provisional liquidator could relate only to 'all the properties, effects and actionable claims to which the company is, or appears to be entitled'. It is not disputed that the boiler in question in this case, which is fired by rice husk, was the subject matter of a lease agreement the lease money in connection whereof had not been paid. Upon failure to pay the lease money, instalments and arrears, the company from which it had been hired, i.e., the Credit Capital Finance Corporation Ltd., the respondent herein, could take possession of it as that boiler....