2016 (2) TMI 1102

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....d against the order dated 12.11.2014 passed by the Asstt. Official Liquidator. By virtue of the impugned order, the OL has rejected the claim of the appellant. The operative portions of the impugned order reads as follows: ".....1. You are neither the secured nor unsecured creditor of the company (In Liqn). 2. You stood as guarantor to the loan secured from Punjab & Sind Bank. Therefore, you w....

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....ion to reverse or vary my decision in rejecting your proof will be entertained after the expiration of 21 days from the date of service of this notice dated this 12th day of November 2014...." 2. Mr Chaudhary, who appears for the OL, seeks to sustain the order briefly on two grounds. First, that the settlement was arrived at by the appellant in his capacity as guarantor without the leave of the c....

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....are extracted hereafter: ".....An amount of Rs. Rs. 1 Lakhs, Rs. 5 Lakhs and Rs. 10 Lakhs was paid to Punjab and Sindh Bank on 31/04/2004, 27/03/2005 and 27/03/2007 respectively by Mr M.K.Chatterjee, ex-director. Again an amount of Rs. 1,02,69,000/- was paid by Mr M K Chatterjee, exdirector of the Company (In Liqn.) to Punjab and Sindh Bank on 13/08/2010 as per the order of Debt Recovery Tribuna....

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....meeting was held and the minutes were drawn up. 5. Therefore, the argument that the OL was unaware of the payments made by the appellant i.e. the ex-director is, according to me, not tenable. Second, the submission of Mr Choudhary is equally unsustainable for the reason, which is, that irrespective of the motivation for payment of debts of the company (in liquidation), once, moneys are paid by th....