Punjab-Haryana High Court
Bank Of New York Mellon, London Branch vs K.L.G. Systel Limited on 2 September, 2022
3 CA-203-2016 in CP-143-2012
BANK OF NEW YORK MELLON, LONDON BRANCH
VS
KLG SYSTEL LTD.
Present: Mr. Rahul Dev Singh, Advocate
for the applicant-IFCI Factors Ltd.
Mr. Akanksha Sawhney, Advocate
with Mr. Prashant Baliyan, Official Liquidator.
**
This application has been filed by the IFCI Factors Ltd. under Section 446 of the Companies Act, 1956 to grant leave to file and proceed with the suit for recovery against the respondent. It is claimed that the Company in liquidation had borrowed a specified amount while giving various guarantees/warranties. It is submitted that as per the factoring agreement between the parties, the applicant is entitled to recover the amount from guarantors as well as from the Company. He relies upon the order passed CA-540-2016 in CP-398-2012, titled as "Dewan Housing Finance Corporation Ltd. Vs. SPANCO Ltd.", decided on 19.08.2016.
On the other hand, the Official Liquidator submits that the applicant can lodge a claim with him for recovery of amount against the Company in liquidation.
It is specifically averred by the applicant that on account of various factoring agreements, it has right to recover the amount from various guarantors which cannot be recovered from the Official Liquidator.
Hence, the application is allowed.
Keeping in view the aforesaid facts, as prayed for, the leave is granted. Let the applicant file a suit, if maintainable in accordance with law.
September 02, 2022 (ANIL KSHETARPAL)
Ay JUDGE
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