( 1 ) COMPANY Application in C. A. 1352/2002 is by M/s Karnataka State Financial Corporation (in short the Corporation), who claims to be a secured creditor of M/s Span Projects (P) Ltd, a company under liquidation and which had been ordered to be wound up by this court in terms of the order dt. 3. 10. 2002.

( 2 ) THE aforesaid application is filed under the provisions of section 446 (1) read with section 537 (1) of the Indian companies Act, 1956 (in short the Act) praying for permission to take over the assets of the company under liquidation by the applicant KSFC in exercise of their statutory powers under Section 29 of the State Finance Corporations Act (in short the SFC Act) as also to take into their fold some of the assets of the company which are with M/s Elegant Rocks (P) Ltd. , 2ndrespondent to this application who it appears, had instituted a suit against the company under liquidation for recovery of certain amount in O. S. No. 15579/2000 before the City Civil Court at Bangalore and had also obtained an order of attachment before judgment in respect of some of the assets of the company such as computers and oil filing machines.

( 3 ) SUBMISSION of Sri. Joshi, learned co

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