Court : Delhi
Reported in : 2000IIAD(Delhi)546; 84(2000)DLT240; 2000(53)DRJ67
..... compounded quarterly from the date of the suit till realisation and costs of the suit. it is alleged that the plaintiff is a nationalised bank and a corporate body constituted under the banking companies (acquisition transfer of undertaking) act, 1980 having its one branch at b-12, green park extension, new delhi: defendant no. 1 was a partnership firm, which ..... abroad for quite substantial period of time, thereforee, the period during which he was abroad has to be excluded under section 15(5) of the limitation act, 1963 (for short the act) while computing the period of limitation for filing the present suit. 2. the suit was registered summons were issued through ordinary process as well as registered ad ..... same. this unqualified acknowledgement of liability with a promise to pay gave rise to a new cause of action within the meaning of section 18 of the act. further defendant no. 2 was not in india and was abroad for a substantial period after the amount became due, under section 15(2) of the .....
Tag this Judgment!Court : Delhi
Reported in : AIR1982Delhi487; [1984]56CompCas509(Delhi)
..... purchaser upon realizing sale proceeds but retain the said amount until further orders of the court. the amount so realised was directed to be deposited in a nationalised bank or scheduled bank or scheduled bank to earn interest. the sale of land and building was stayed in the meantime. 8. having thus failed to ..... : 'gentlemen : 92. in consideration of your making advances at our request or otherwise giving creditor or financial accommodation to j. k. ., an existing company within the meaning of the indian companies act, 1913, having its registered office at kamla tower, kanpur, u.p. (hereinafter called 'the principals'), in terms of or manner recorded in the loan ..... the court of the second civil judge, kanpur, for the recovery of the loan amount against the principal debtor, i.e., the ., without impleading the defendant-jute mills as a party therein and, further, by entering into a compromise with the ., without the concurrence of the present defendant and obtaining the consent decree dated .....
Tag this Judgment!Court : Delhi
Reported in : [1984]55CompCas187(Delhi); [1984]145ITR520(Delhi)
..... life insurance business section 15 provided for claims to be made before a tribunal constituted under the nationalisation act. section 41 of the l.i.c. act provided that no civil court shall have jurisdiction upon a matter on which a tribunal was empowered to act. the insurance company having gone in liquidation objection was taken to proceedings before the tribunal on the ground that ..... will over-ride the provisions of the companies act which is an act relating to companies in general. the obvious distinguishing feature in that case is that the proceedings before the tribunal constituted under the l.i.c. act were not in the nature of ordinary proceedings which are entertainable by ordinary courts. the l.i.c. act had nationalised the insurance business and had constituted a .....
Tag this Judgment!Court : Delhi
Reported in : (2004)2CompLJ50(Del); [2004]54SCL312(Delhi)
..... , wherein the gujarat high court, after referring to various decisions of the supreme court, has held that the word 'debt' under sections 433 and 434 of the companies act means that the amount must be then due and payable and, thereforee, refers to the present obligation. in other words, it is a liability to pay a sum ..... spite of service of the statutory demand notice on it. before filing the present petition, a statutory demand notice, as provided for under section 434 of the companies act, was issued by the petitioner to the respondent. in the said notice issued by the respondent on 29 september, 2001, the petitioner called upon the respondent to ..... foreign award is a debt and, thereforee, could be a subject matter of the company petition, placed strong reliance in the decision of dalhousic jute co. ltd. v. mulchand laxmi chand the said decision was rendered in the context of the arbitration act of 1940. counsel appearing for the petitioner strongly relied upon the proposition laid down .....
Tag this Judgment!Court : Delhi
Reported in : [1993]76CompCas652(Delhi)
..... time. moreover, after the coming into force of the banking laws (amendment) act, 1983. the question of interest charged by a bank is not justiciable. it is further stated in this reply that, at the time of filling of the suit, the nationalised banks were entitled to charge interest on loans advance for commercial transactions like the ..... del 320, this court dealt with a suit under order 37 based on a receipt given by the payee for allotment of a share in a proposed private limited company. on a similar objection being taken as in the present case, the court held, 'the plaintiff paid the application money for allotment of shares. the defendants accepted ..... amendment has been made by the banking laws (amendment) act 1983, section 21a of this act is as follows : 'notwithstanding anything contained in the usurious loans act 1918 (10 of 1918), or any other law relating law to the indebtedness in force in any state, a transaction between company and its debtor shall not be reopened by and court .....
Tag this Judgment!Court : Delhi
Reported in : [1983]53CompCas842(Delhi); ILR1981Delhi84
..... r.n. aggarwal, j.(1) the dispute in this suit is between the punjab national bank, a banking company nationalised under the acquisition and transfer of undertakings act, 1970, and m/s. atherton west and co. ltd. kanpur, a public company whose management' was taken over by the central government by an ordinance known as 'the laxmirattan and atherton west cotton mills' ..... . whether the legislature wanted to interfere or do away with the rights of the managing directors/directors, employees or the third parties, under any contract entered into with the company the act expressly provides for it and arms the custodian with necessary powers. see clauses 3(3), 3(4), 3(5), 6(b), 6(3), 6(4), ii and ..... on the appointed day, the bank was in lawful possession of the goods pledged.(13) as i see, the whole object in enacting the act is to take over the management of the company by the government and make the sick mill healthy and the powers given in the various sections to the custodian are with a view to .....
Tag this Judgment!Court : Delhi
Reported in : AIR1991Delhi25; [1991]70CompCas388(Delhi); 41(1990)DLT633
..... .7,40,606.65 together with costs and interest has been filed by the plaintiff against the defendant - national insurance co. ltd. the plaintiff is a company incorporated under the companies act, 1956, having its registered office at e-5, hauz khas, new delhi. the plaint has been signed and instituted by one shri g. jhajharia who ..... to depose to the same. learned counsel referred to section 14, 26, 28; schedule i and table a and section 291 of the companies act and contended that all powers of the company are with the board of directors and an individual director cannot, without a specific resolution of the board, institute a suit. the power to ..... claims to be the director and principle officer of the plaintiff company authorised to sign the plaint and institute the suit. the defendant is a nationalised company. 2. the plaintiff .....
Tag this Judgment!Court : Delhi
Reported in : III(2006)BC221; [2007]137CompCas434(Delhi); 126(2006)DLT226; 2006(86)DRJ190
..... meaning thereof, be deemed to include its successors and assigns) of the first part, sunair hotels ltd. (hereinafter referred to as 'sunair'), a company incorporated under the companies act, 1956, and having its registered office at 302, akash deep building, 26, barakhamba road, new delhi-110 001 (which expression shall, unless repugnant to ..... u.)/agreement is made at new delhi this 11th day of march, 1995 between and amongst vls finance ltd. (hereinafter referred to as 'vls'), a company incorporated under the companies act, 1956, and having its registered office at c-489, defense colony, new delhi-110 024(which expression shall, unless repugnant to the context or ..... . v. union of india 47 comp cas 92(v) mohan lal ganpatram and anr. v. sh. sayaji jubilee cotton & jute mills ltd. and ors., (vi) needle industries, : [1981]3scr698 8. the acts of oppression and mismanagement by the respondents as per the appellant's averments are as follows:-(a) that the respondents did not contribute .....
Tag this Judgment!Court : Delhi
Reported in : AIR1988Delhi372; [1991]71CompCas181(Delhi)
..... cent per annum from the date of the suit till payment and with costs.(2) the plaintiff is a banking company, a body corporate and a nationalised bank, constituted under the banking companies (transfer and acquisition) undertakings act, 1970, hereinafter referred to as the bank. it has its head office at bangalore and its branches are spread throughout ..... promises and assurances made by the plaintiff to the defendants to this effect. thus the defendants could not complete and execute various orders received by them from such reputed companies like m/s. escorts ltd., k. g. khosla & co. ltd., delhi transport corporation etc. in that process the defendant lost good money unvested by ..... to provide financial assistance to sanjeev sawhney (defendant no. 3), who was a personal friend of his and of anil sabharwal, the managing director of the company, that the story suggesting purchase of goods was made up to enable defendant no. 3 to get financial assistance from the bank, that no money was payable .....
Tag this Judgment!Court : Delhi
Reported in : [1984]55CompCas81(Delhi); 1982CriLJ2230; ILR1983Delhi419
..... in the case of a nationalised bank, there being no share as such so as to make them a company much less a government company. they are indian companies only for the purpose of the income-tax act, 1961, vide section ii of the banks act. that does not make them companies incorporated under the companies act: lachman das agarwal v ..... b) in the service or pay of a local authority, a corporation established by or under a central, provincial or state act or a government company as defined in section 617 of the companies act, 1956.'(25) the precise contention of the chairmen petitioners is that they are in the service/pay of a corporation established by ..... 29/12/1980, accused vig was a custodian and, thereforee, a statutory public servant in virtue of section 14 of the banking companies (acquisition & transfer of undertakings) act, 1970 (herein the banks act). they cannot be prosecuted without sanction of the central government under section 197 of the criminal procedure code , (6) it was on these .....
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