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1994 (5) TMI 164 - SC - Companies LawDischarge of liabilities - Held that:- Appeal dismissed. Power to order payment of amounts due from a 'notified person' 'to any bank or financial institution or mutual fund' presupposes and proceeds on the existence of obligations inter se between the parties based on contractual, statutory or other legally recognised rights and that such vinculumjuris is absent as between the appellant, on the one hand, and the Fairgrowth Financial Services Ltd., on the other. What is further implicit is that the appellant which is a stranger to the consideration respecting transactions between the Andhra Bank Financial Services Ltd. and the Fairgrowth Financial Services Ltd., cannot seek to enforce the obligations thereunder. The remedy of the appellant against its debtor which itself is not a notified person, lies in the ordinary courts of the land. This reasoning is not shown to be unsound.
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