A Nationalised Bank Suit was filed in 1992 against a Private Limited Co. after the death of its Managing Director (the Principal Borrower) and the Co. becoming defunct for want of a Board of Directors (only one surviving Director). The suit was dismissed ex-parte in Mar-2011 for non-prosecution. The Bank filed for restoration of Suit in Aug-2012. Can the Bank succeed? On what grounds the application can be dismissed? Any Case Law on this topic?
... Present Principal Defendant in the Suit (who had come into possession of 100% shares of the Co. in 2008).