2010 (8) TMI 175

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....Act as a Public Limited Company. The registered office of the respondent-company is situated at Bangalore. The main object of the respondent-company is manufacture and sale of refrigeration equipments and other allied activities. Petitioners entered into trade transaction with the respondent-company. Since the respondent-company failed to pay the debts due to the petitioners, they got issued statutory notices demanding the respondent-company to pay the dues. Since the respondent-company failed to pay the amounts due to the petitioners, they are before this Court for winding up of the respondent-company. 3. This court vide order dated 20-4-2009 permitted to take out newspaper publication and the same is complied. Pursuant to the advertiseme....

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....ight to the secured creditors to enforce the security interest against the debtor company. Supreme Court in Allahabad Bank v. Canara Bank [2000] 4 SCC 406 held a under :- "50. For the aforesaid reasons, we hold that at the stage of adjudication under section 17 and execution of the certificate under section 25, etc. the provisions of the RDB Act, 1993 confer exclusive jurisdiction on the Tribunal and the Recovery Officer in respect of debts payable to banks and financial institutions and there can be no interference by the Company Court under section 442, read with section 537 or under section 446, of the Companies Act, 1956. In respect of the monies realised under the RDB Act, the question of priorities among the banks and financial insti....