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COMA/455/2007 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY
APPLICATION No. 455 of 2007
In
COMPANY
PETITION No. 66 of 1988
=========================================================
STATE
BANK OF INDIA - Applicant(s)
Versus
O.L.
OF SHREE AMBICA MILLS LTD & 1 - Respondent(s)
=========================================================
Appearance
:
MR
NAGESH C SOOD for
Applicant(s) : 1,
OFFICIAL LIQUIDATOR for Respondent(s) : 1 -
2.
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE JAYANT PATEL
Date
: 04/10/2007
ORAL
ORDER
The
present application is for permitting the applicant to be joined as
party in the Company Petition No. 66 of 1988.
As
such the applicant is neither original petitioner nor the secured
creditor and the applicant is claiming status as that of having the
right to recover the money against Shri Ambica Mills Ltd which is in
liquidation, who stood as the guarantor of Sarangpur Cotton Mfg. Co.
Ltd., which is also in liquidation.
It
is an admitted position that the applicant has lodged the claim with
the OL based on the order passed by the Debts Recovery Tribunal.
Therefore, when the status of the applicant is not that of the
secured creditor, in normal circumstances, applicant cannot be
permitted to participate in the proceedings. At the most the
applicant may pursue the rights as may be available in law at the
time when the turn comes for payment as per statutory priority under
the Companies Act.
Hence,
subject to the aforesaid observations, prayer for permitting to be
joined as party is not granted.
Company
Application stands disposed of accordingly.
(JAYANT
PATEL,J.)
Suresh*
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