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Issues Involved:
Application to direct Secured Creditors to hand over title deeds and extend time for sale deed execution. Analysis: The Official Liquidator representing the applicant company-in-liquidation filed an application to direct Secured Creditors to hand over title deeds of the company's properties and extend the time for executing the sale deed by two months. The applicant claimed that the Secured Creditors, including ICICI Bank Limited, did not cooperate in handing over the original title deeds despite requests. Respondent Nos. 1 and 7, represented by legal counsel, opposed the application, stating they hold pari pasu charge in respect of the securities and have no objection to handing over the documents. Respondent Nos. 2, 4, 5, and 6 did not appear or oppose the application. The 7th respondent, though assigning its rights to another entity, consented to handing over documents to the Official Liquidator with a condition regarding sale proceeds distribution. The Court noted that the Official Liquidator must execute the sale deed as per a previous order. Respondent Nos. 1, 3, 6 extended their no objection to handing over the title documents. Respondent Nos. 2, 4, and 5 did not participate, and 3rd respondent did not oppose the application. Consequently, the 1st respondent was directed to hand over the title documents to the Official Liquidator immediately. The Official Liquidator was instructed to consider the claims of Secured Creditors as per the provisions of section 529-A of the Companies Act. The application was allowed, granting the 1st respondent 20 days to hand over the documents and extending two months for executing the sale deed and transferring title deeds to the successful bidder.
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