2001 (5) TMI 907

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....t petition is directed against the order dated 7-9-2000 passed by the respondent No. 2 rejecting the insolvency petition filed by the petitioner and the order of the appellate court dated 1-3-2001 affirming the said order in appeal. 2. Briefly stated, the facts are that Punjab National Bank, Branch : Station Road, Moradabad, the respondent No. 3, ('the Bank') filed Suit No. 717 of 1991 for recove....

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....r against any association or company registered under any enactment for the time being in force." 4. The objection of the bank was accepted by the respondent No. 1 and insolvency petition was rejected by order dated 7-1-2001. The petitioner filed appeal against this order and the appellate court dismissed the appeal vide order dated 1-3-2001. 5. The question is whether the bank can claim exempti....

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....any other law for the time being in force. 7. After the enforcement of Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Act No. 5 of 1970), all the banking companies including the foreign companies registered under the Companies Act, 1959, were nationalised and more than 51 per cent shares were taken over by the Government of India and the banking companies became the body ....