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Judgment
Viju Abraham, J
This is an application seeking to empanel the applicant bank in the list of empanelled banks qualified to receive deposits of surplus funds of companies in liquidation which are in the custody of the respondent-official Liquidator.
The applicant bank is an Indian Public Sector Bank. As per the averments in the affidavit the bank is having more than 29 million customers across the country with 2380 branches as of March 2023.
The learned Standing Counsel for the applicants would further submit that as a part of growth mechanism they intend to delve into further financial growth thereby playing a crucial role in the growth of the Indian economy and that if the surplus funds available in the respondents are deposited in the applicant bank, it will increase the fund volume and thus help increase the economic growth of India also. On the said contentions, they sought for the reliefs.
Heard the learned Standing Counsel for the Official Liquidator. On instructions he submitted that there is no objection in empanelling the applicant bank.
Therefore, the prayer sought for in the company application is allowed, empanelling the applicant bank in the list of empanelled banks qualified to receive deposits of surplus funds of companies in liquidation which are in the custody of the respondent-Official Liquidator.