JUDGMENT - S.M. JUNJHUNUWALA, J.:---The applicants have applied for leave under section 446 of the Companies Act, 1956 to continue to prosecute the original Suit No. 7 of 1986 and original Suit No. 507 of 1989 filed in the Court of Additional Subordinate Judge, Ranga Reddy District at Saroor Nagar, in Andhra Pradesh.

2. According to the applicants, applicants are secured creditors of respondent No. 1 and the said Suit No. 7 of 1986 filed by the applicants is a mortgage suit and as secured creditors, the applicants are entitled to file proceedings in order to realise mortgage debt and other securities created by the respondents No. 1 in favour of the applicants.

3. The Premier Automobiles Limited had filed a winding up petition against the respondent No. 1, being the Company Petition No. 645 of 1988. By an order dated 23rd June, 1990, the respondent No. 1 was ordered to be wound up an Official Liquidator has been appointed as Liquidator of the respondent No. 1 Company. In view of the said order passed on 23rd June, 1990, the applicants have filed the present application for leave as aforesaid.

4. Mr. Sanghavi, the learned Counsel appearing for the applicants, has submitted that the app

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