Before filing of an application to the Tribunal under the Act, in a winding Up Petition before the learned Company Judge of the High Court in Company Petition No.
The learned Company Judge referred the matter to the Division Bench.
An interlocutory application was fled before the Tribunal with the prayer that the official liquidator should be restrained from making any payment lying with him to the depositors or the Company or to any other person.
Against the aforesaid order of the Tribunal, the liquidator filed an application before the Company Judge with the prayer that the Advocate Commissioner be restrained from proceeding with the matter any further.
The Tribunal thereafter passed an order on 9.1.2001 calling upon the official liquidator to companyperate with the Commissioner appointed by the Tribunal for preparing the inventory of the companypany, and in the event the liquidator of does number companyperate, then the Commissioner would be entitled to take police help in making the inventory.
It is this order of the Division Bench of the High Court, which is the subject matter of challenge in this appeal.
The Tribunal appointed on Advocate Commissioner for making an inventory of the properties and when the Commissioner approached the provisional liquidator the said liquidator replied that he is in custody of the property and all necessary steps are being taken to recover the dues of the debtors of the Company and he would abide by the orders to be passed by the Andhra Pradesh High Court in the Company Jurisdiction.
G. Balkrishan, J. Leave granted.
This is an appeal against the order of the Division Bench of the Andhra Pradesh High Court, and the question for companysideration is whether when the Debt Recovery Tribunal under the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 hereinafter referred to as the Act exercises his power under Section 19 1 e and appoints a Commissioner for preparation of an inventory of the properties of the defendants, whether prior leave of the Company Judges under the provisions of Companies Act be necessary, since the companypany in question is under liquidation and a provisional liquidator has been appointed.
The appellant Bank as well as the other members companysortium issued numberice to the Company and its guarantors calling upon them to pay the outstanding debts to which the Company replied and acknowledged the liability to the amount.
