*1* ca.638.10.cp.633.01.45 kps IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.638 of 2010 IN COMPANY PETITION NO.633 OF 2001 The Bombay Mercantile Co-operative Bank Ltd.. ..Applicant -Versus- The Official Liquidator of Kedarnath Udhavdas Ltd. (In liqn.). ..Respondent. .......... Ms.Sapna Raichure i/b T.N.Tripathi & Company, for the Applicant. Dr.T.Pandian, Official Liquidator present in person. .......... CORAM : S.C.DHARMADHIKARI, J. DATE : 13th January, 2011. P.C. 1 This Company Petition was admitted on 04.07.2001. The petition was to be advertised and the charges were to be paid with the Prothonotary and Senior Master within a period of four weeks from 04.07.2001. Since no steps were taken to advertise the same nor the charges were paid, this Company Petition was dismissed for want of prosecution on 22.06.2010. 2 It is stated by the Applicant who has moved this application that the Official Liquidator has been appointed as a provisional liquidator and he has taken possession of various assets of the Company including the factory premises together with the plant and machineries at Silvassa. The Applicant Bank has granted several facilities to the Company in liquidation and one of the immovable property was mortgaged with it. The Company in liquidation did not pay the amount under the facility and *2* ca.638.10.cp.633.01.45 therefore, the Applicant Bank served a notice under Section 13(2) of the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 and there was no response to the notice and now it appears that the Liquidator issued the notice for sale of Silvassa property and subsequently, the property came to be sold as well. The amount of Rs.49 lacs is lying with the Liquidator. The Applicant Bank states that if at this stage the company petition is dismissed, grave loss and prejudice will be caused to the several creditors of the Company including the Applicant. In such circumstances and when the Applicant has a claim against the Company in liquidation, it may be allowed to substitute itself as Petitioner in place of the original Petitioner. 3 A copy of this application is served on the Official Liquidator and he leaves the matter to the Court. 4 Having perused the application and the affidavit in support and finding that the requirements of Rules 99 to 102 of the Company Court Rules, 1959 have been satisfied, the Applicant is permitted to be substituted as Petitioner in place of the original Petitioner and at its instance, the delay in filing this application is condoned, so also, the order dated 22.06.2010 is recalled and is set aside. The Company Application is made absolute in terms of prayer clauses (a), (b) and (c). The Company Petition be advertised within a period of eight weeks from today. Necessary charges shall be deposited with the Prothonotary & Senior Master of this Court within a period of two weeks from today. (S.C. Dharmadhikari, J)