M/S Corporation Bank vs M/S Gangavathi Sugars Ltd on 28 February, 2014

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Karnataka High Court

M/S Corporation Bank vs M/S Gangavathi Sugars Ltd on 28 February, 2014

Bench: Anand Byrareddy

                              1



 IN THE HIGH COURT OF KARNATAKA AT BANGALORE

     DATED THIS THE 28TH DAY OF FEBRUARY 2014
                          BEFORE:

 THE HONOURABLE MR. JUSTICE ANAND BYRAREDDY

         COMPANY APPLICATION No.429 OF 2014
                       IN
           COMPANY PETITION No.66 OF 1997

BETWEEN:

M/s. Corporation Bank
A body corporate constituted under
The Banking Companies (Acquisition
And Transfer of Undertakings) Act
1980 (Act V of 1980) having its
Head Office at Mangala Devi Temple
Road, Mangalore, Karnataka State and
Branches inter alia one at
No.14/15, Kamaraj Road,
Bangalore - 560 042.
Represented by its Manager
Sri. Mallappa.
                                        ... APPLICANT

(By Shri. V.B. Ravishankar, Advocate)

AND:

M/s. Gangavathi Sugars Limited
(in liquidation)
Having its registered office
At 2nd Floor, Commercial Complex
                                 2



Mysugar Buildings,
J.C.Road, Bangalore - 560 002,
Represented by the Official Liquidator,
High Court of Karnataka,
Bangalore, IV Floor,
D & F Wing,
Kendriya Sadan, Koramangala,
Bangalore - 560 034.

                                        ...RESPONDENT
(By Shri. K.S. Mahadevan, Advocate for Official Liquidator )
                                *****
       This Company Application is filed under Section 474 of the
Companies Act, 1956, read with Rules 9 of the Companies Rules,
1959, praying to direct the respondent to release the share of the
petitioner in the sale proceeds of the company.

      This Company Application coming on for Orders this day,
the Court made the following: -

                           ORDER

The present application is filed seeking a direction to the Official Liquidator representing the company in liquidation, to release the share of the petitioner from the sale proceeds of the company.

2. The learned counsel for the Official Liquidator would state that the matter is in process and that immediately after the adjudication is completed, the amounts due to the petitioner would 3 be released and therefore, the present application is premature and it is only in the event that the applicant is in any manner aggrieved by the proceeds that shall be released in his favour, that he may possibly approach this Court.

Recording the submission of the learned counsel for the Official Liquidator, the application stands disposed of.

Sd/-

JUDGE KS

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Karnataka High Court