Abdul Gafoor, J.

M.C. A. No. 12/91 was filed by M/s. Industrial Credit & Investment Corporation of India (I.C.I.C.I.) seeking leave to continue Suit No. 549 of 1989 on the file of the Bombay High Court instituted by it on 17.2.89, far earlier than winding up of this company. This company was ordered to be wound up only on 22,8.90. An order was passed to withdraw the suit to this court and also this court permitted the applicant to continue the suit outside the winding up. Another order was also passed in Report No. 2 and in M.C. A. No. 12/91 directing M/s. I.C.I.C.I. and M/s. State Bank of Travancore to pay to the Official Liquidator to meet the initial expenditure for winding up. These orders were taken up before the Supreme Court in S.L.P. (Civil) No. 10101/91 and 11055/92. these petitions were heard and decided by the Supreme Court as per judgment reported in I.C.I.C.I. v. Srinivas Agencies & Ors. ((1996) 4 SCC 165). The Supreme Court left the matter to the Company Court to pass appropriate orders in the light of the observations contained in the judgment. In the said judgment, the Supreme Court laid down certain norms and principles with regard to the exercise of the