Judgment

J.S.VERMA, J.

(1) IN Company Petition No. 27 of 1971 for winding up of the Company - M/s Glass Carboys and Pressedwares Limited - on the ground, contained in clause (e) of Section 433 of the Companies Act, 1956 (hereinafter referred to as "the Act"), that the Company was unable to pay its debts, the learned Company Judge of the Bombay High court made a winding up order on 15/11/1972; and the Official Liquidator took possession of the assets of the Company. The appellant UCO Bank was a secured creditor of the Company. It chose to stand outside the winding up proceedings and obtained a decree on 22/4/1976 to recover its debt. In pursuance of the decree obtained by the appellant, the High courts Commissioner for Taking Accounts was directed to sell certain movables of the Company. In the meantime, the Companies Act, 1956 was amended by the Companies (Amendment) Act, 1985 (hereinafter referred to as "the Amending Act") with effect from 24/5/1985 by which S. 529 and 530 of the Principal Act were amended and Section 529-A was inserted therein. One of the effects of the amendment, as mentioned in the Statement of Objects and Reasons of the Amending Act, is as