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Judgment
S.K. Keshote, J.—Heard learned counsel for the parties and perused the entire record of the company petition.
The following prayer has been made in this petition :
It is, therefore, respectfully prayed that this application u/s 633 of the Companies Act may kindly be allowed and the petitioner may be released from the liability of respondent No. 1 company wholly and part of its amount, which he has invested as 50100 shares of Rs. 10 each the aforesaid company may kindly be returned back to the petitioners.
Any other order which this hon''ble court may deem think fit be passed in favour of the petitioner.
The petitioner was undisputedly the director of the respondent-company. He also stood guarantor for the loan taken by it from respondent No. 2 bank. The loan was not repaid by the company. The bank filed the case in the Debts Recovery Tribunal, Jaipur, against the company, which was decreed on February 3, 2004. To escape his liability as a guarantor, the petitioner has filed this petition in this court. It is not a bona fide one.
That apart, where the petitioner feels and considers that the decree is not executable against him or relieved of his status of guarantor in the matter, these are objections which are open to him to raise before the concerned authority in the execution proceedings. The objections raised in this petition do not fall under the scope of Section 633 of the Companies Act, 1956.
Accordingly, the company petition fails and the same is dismissed.