In order to secure the amount under the various heads credit facilities the first respondent deposited on 17 8 1979 with the appellants Sundemagar Branch, Bombay, an agreement for sale in respect of the first floor of the building belonging to the first respondent.
O.S. No.
That was dismissed summarily by the impugned order dated 15 12 1992.
On 20 1 1984, one of the Directors declared that equitable mortgage by deposit of title deeds dated 6 10 1975 would also form security for the letters of credit, fresh funded term loan, guarantee limited and other facilities allowed to the first respondent, by the appellant.
The necessary forms in this regard were filed before the Registrar of Companies, Maharashtra at Bombay for registering the charges.
The appellant brought to the numberice of the Official Liquidator the pendency of these two suits.
The averments in the plaint are briefly as follows.
An Official Liquidator Respondent 2 was appointed as Liquidator of the Company.
Aggrieved by that order Appeal No.
229 of 1991 in the aforesaid companypany petition under Section 446 of the Companies Act hereinafter referred to as the Act .
645 of 1988 before the High Court of Bombay.
The appellant filed Company Application No.
The first respondent is a limited companypany.
According to the appellant since the properties were situate in Rangareddy District it would be just and companyvenient to companytinue to prosecute the suits in Hyderabad.
The Judgment of the Court was delivered by MOHAN, J. Leave granted.
507 of 1989 came to be filed by the appellant for recovery of a sum of Rs 58,783.25 being expenses incurred from time to time in respect of these properties.
On 23 7 1990 a meeting was held in the presence of the Official Liquidator.
On 26 3 1992, the learned Single Judge passed an order directing that the two suits be transferred to the Bombay High Court.
Hence, the special leave petition.
428 of 1992 was preferred by the appellant.
The first respondent requested that its account be transferred from Sundernagar Branch, Bombay to Hyderabad Main Branch of the appellant.
7 of 1986 against Respondents 1, 3 and 4 in the Court of Subordinate Judge, Rangareddy District at Saroor Nagar, Andhra Pradesh for recovery of Rs 97,21,274.11 with interest thereon.
7 of 1986 and 507 of 1989 pending on the file of the Additional Subordinate Judge, Rangareddy District at Saroor Nagar.
On 6 10 1976, the third and fourth respondents executed separate guarantees in respect of the facilities granted to the first respondent guaranteeing repayment of amounts.
The prayer in the application was for leave to prosecute the two original suits bearing Nos.
Third and fourth respondents are the Advisors and Directors respectively of the first respondent Company.
By an order dated 23 6 1990 the first respondent was ordered to be wound up.
The first respondent deposited with the appellant the documents of title relating to its landed property at Industrial Development Area, Nacharam Tehsil, District Hyderabad presently Rangareddy District with an intention to create an equitable mortgage of immoveable property companyered by those documents together with all structures and buildings thereon.
Both the suits are pending adjudication.
Premium Automobiles Limited filed a winding up petition against the first respondent in Company Petition No.
The appellant filed a suit bearing O.S. No.
The further prayer was, in default of payment a final decree might be passed directing the sale of mortgaged properties and for ancillary reliefs.
