Allowed

Punjab National Bank Assets Recovery Management v. M/s. Asia Pacific Investment Trust Limited (In Liquidation)

Telangana HC22 Apr 2021COMPA/6/2021

Case brief

AI extract

What is this about?

The High Court of Telangana allowed a company application under Rule 177 and Rule 1 read with Rule 1 of the Companies (Court) Rules, 1959, condoning a 102-day delay in filing a claim, subject to the payment of a fine to the Telangana State High Court Advocates' Association.

What did the court decide?

Commission application allowed upon condition of payment of Rs. 5,000 to Advocates' Association.

Punjab National Bank Assets Recovery Management Vs… — Company and Corporate | Telangana HC (2021)

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,N THE H'GH COURT FOR AT i'bT*EABTATE^{OF TELANGANA} THURS.DAY THE TWEN] rw o rH o ui sn'nj ; I^il. ?,?!RrriJo F A^p R r L

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PRESENT

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THE HONOURABLE SRI JUSTICE CHALLA KODANDA RAM

IN THE MA

Betwee n:

AND

UST LIMITE D

s::tTr[?::E'-r?ffJ,,1i.,?,:,,T::"_,8y. Sx:t%#S*,Bi,,i,ji]f"fl;],^?;.3![,],oo.

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AND

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...APPLICANT

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M/s Asia Pacific Investment Trust Limited (rn Liquidation). Represented by the officiar Lrqurdator, High Court of Judicature ,t rivolrrr6Joi.'""."

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..,RESPONDENT

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company Apprication Under Rure 177 and R/w. I of the companies ( court ) Rules, 1959 praying that thrs Hon'bre court may be preased to condone the deray of 102 days in filling craim by the Appricant and direct the Learned officiar Liquidator to ad.jud icate the matter

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This Application coming on for orders upon reading the Judge,s Summons and the affidavit dated 10-02-202i and fired by Sri Nagarajarao Seetharaman. Applicant in support of the company Apprication and upon hearing the arguments of Sri N. Meher Prasad, Advocate for the Appricant and sri J. sreenadh Reddy, Counsel for the Official Liquidator for the Respondent.

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The Court made the following: ORDER

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THE HON'T}LE^{SRI JUSTICE CITAT'LA KODANDARAM} of 2l\2t col{^P..{.No.6

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ol{l)l-l(:

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t'l.ris ComPan-v^{APPIicationis llled tbr concloning the dela'v} ol 102^{claYs inIiling the claim by the Applicant betbrethe} Olficial Liquidator.

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In the affidavit^{filed in support of this,Application' it is} stated that^{as the subject matter is very old, time wastaken for} tracing out the^{files and other relevant records of the subject} compan)'.

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On being satisllecl with thc^{abovc.dclav ol'102c1a1"sin} lrling r.hc claim by thc Applicant is^{cotldtlucdsLrb.iect to thc} condition ol thc Applicant pa.ing it st-ttrt ol' l{s.500i-^([lupees lr ir e I lundrecl 4,, ly) to tlic^'I clangana Statc I Iigh Court I Adr ocates' As;eic iation, I{yderabad, within a period of one (1) rveek liom today.

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Accordingly, this Cornpany Applicatiorr is allowed.

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SD/.K.SRINIVASA RAO JOINT REGISTRAR //TRUE COPY//

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ro,

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sEcTloN oFFtcER

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The Chief ltrlanager, Punjab National Bank Assets Recovery fvlanagement, Branch,# 6-1-73,2nd floor, Saeed Plaza, Lakdikapul, Hyderabad - 500 004.

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2, The Official Liquidator, Mis. Asia Pacific lnvestment Trust Limited (ln Liquidation), High Court of Judicature at Hyderabad. Officer at 1't floor Corporate Bhawan, Nagole, Bandlaguda Thattiannaram Village Hayathnagar Mandal, Ranga Reddy District Telangana State Pin Code 500 680.

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3.,The Registrar of companies, l,4inistry of corporate Affairs, Government of lndia 2',d floor corporate Bhawan, Nagore, Bandraguda, Thattiannaram vilage Hayathnagar Mandal, Ranga Reddy District, Telangana State pin Code 500 6g0.

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4 The-Regional Director, South Eastern Region, Ministry of Corporate Affairs, 3''' floor Corporate Bhawan, Nagole, Bandlaguda, Thattiannaram Village Hayathnagar fi,4andar, Ranga Reddy District Terangana state, pin cod"e s00 680.

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The section officer o.s. section, High court for the State of rerangana at Hvderabad.

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O. The^{Telangana State High Court Advocates Association'Highcouaat Hvderabad'} ? "*i"."J""^{T; I rffi".; H:rii !:[:31' topucr} 9. Two^{C D. CoPies} gbr \ "k'

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HIGH^COURT

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DATED:^2210412021

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r\ ' s tATe
{ 9,E
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De::,.r.-,r

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ORDER

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COMPA.N^{o.6 of 2021}

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C.P. NO.84^{of 1997}

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ALLOWING^{THE COMPANY APPLICATION}

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5
*

Punjab National Bank Assets Recovery Management v. M/s. Asia Pacific Investment Trust Limited (In Liquidation)

Case brief

What is this about?

What did the court decide?

Punjab National Bank Assets Recovery Management v. M/s. Asia Pacific Investment Trust Limited (In Liquidation)

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

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