2005 (5) TMI 330

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....ard learned counsel for the applicant and perused the entire record of the application. 2. The applicant has not given out the provisions of the Companies Act, 1956 or the Companies (Court) Rules, 1959 as to under which provision he has filed this application. 3. In the application, the applicant has prayed for grant of following relief : "(a)Issue appropriate direction to the first respo....

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....fit and proper. (e )Allow costs." 4. The applicant is none other than the Director of M/s. Surya Power Limited (In liquidation). It is not gainsay that because of the misdeeds, inaction, omission and mismanagement etc. of the applicant and its other Directors, the Company has gone in liquidation. It is really shocking and surprising that a person who himself may be responsible for bringing d....

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....n liquidation). It is not the amount of the Directors. The applicant wants to settle the matter with Bank by paying some money from his own pocket and rest of it from the Company (in liquidation) but that is not permissible. Otherwise also it is a matter between the Bank and the Official Liquidator and not the applicant. Such a prayer may be available to the applicant on a compromise scheme und....