S.K.KESHOTE, J. - (1.) HEARD learned counsel for the parties and perused the entire record of the application, its enclosures and the reply thereto filed by the non -applicant.
(2.) THIS is an application under Section 446 of the Companies Act, 1956 and the prayer has been made therein by the applicant to allow it to remain out of winding -up proceedings. The learned counsel for the non -applicant submits that he has no objection in case the applicant is permitted to remain out of winding -up proceedings. However, it is submitted that this permission may be granted subject to the conditions as mentioned in para No. 10 of the reply to the application.
(3.) THE applicant is the secured creditor of the company (in liquidation). It has right to proceed against the company (in liquidation) under Section 29 of the State Financial Corporation Act, 1951. Otherwise also there may not be any difficulty to permit the applicant to remain out of winding -up proceedings. However, I am satisfied that a blanket and unconditional permission cannot be granted.;