S.B.SINHA, V.V.S.RAO
Pennar Patenon Limited (In Prov. Liqn) rep. by the Official Liquidator, High Court of A. P. – Appellant
Versus
State Bank of Hyderabad, IPB Branch, Punjagntta – Respondent
( 1 ) A learned Judge of this Court referred the matter to a Division Bench in Company petition No. 131 of 1999. The question which arises for consideration is as to whether the Debts Recovery Tribunal can ask the provisional official liquidator to take certain action without obtaining the leave of the company Court in view of the decision of the Apex Court in Allahabad Bank vs. Canara Bank.
( 2 ) THE fact of the matter, in short, is as follows: A Company Petition - C. P. No. 131 of 1999 has been filed by the creditors of m/s. Pennar Paterson Limited seeking its winding up whereupon by an order dated 24-11-1999 the official liquidator has been appointed as provisional liquidator to take possession of the assets of the company. Pursuant to the said order the provisional liquidator has taken custody of the assets of the company after preparing an inventory in the presence of the secured creditors. While so, the State Bank of Hyderabad and other banking companies who also claim to be secured creditors moved an application - o. A. No. 286 of 2000 before the Debts recovery Tribunal wherein an application to appoint an advocate-Commissioner to take possession of the as
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