2003 (1) TMI 530

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....or the Applicant. ORDER 1. Heard learned counsel for the parties, perused the application, the reply filed thereto by the Official Liquidator and the rejoinder filed by the applicant. This is an application under section 446(2) of the Companies Act, 1956 and under Rule 9 of the Company (Court) Rules, 1959. In the application prayer has been made to allow the applicant Bank to remain out of win....

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.... Bank being a secured creditor, in case, is permitted to remain out of winding up proceedings it may not materially affect or otherwise cause prejudice to the other creditors, share holders or contributories of the company in liquidation. It is a case where winding up of the company has been ordered on the application filed by its own Managing Director. It is really very serious and shocking tha....