1999 (9) TMI 826

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....ation has been filed on behalf of the K.S.F.C. by the learned counsel and the learned counsel submits that the sole purpose of filing the application was in order to place before the Court a submission on a correct point of procedure. The learned counsel submitted that the K.S.F.C. is neither the petitioner nor the respondent in the proceedings but that the K.S.F.C. is virtually standing outside t....

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....if at that stage the Court or the Official Liquidator so directs it may be competent for any or all of the creditors to be asked to contribute towards the costs but this ought not to be done at the initial stage. 2. I do not dispute that normally this Court has not been directing the banks or financial institutions who stand outside the winding up proceed-ings to deposit certain amounts against....

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....ct as a ground on which the office of the Official Liquidator will be cramped for funds and would find it difficult to carry out its functions. In this background, the financial institutions and banks whose bearability is much higher than that of individual creditors can certainly be requested to contribute towards the expenses as the overriding consideration is that they have much larger claims a....