2018 (6) TMI 1684 - HC - Companies Law

Seeking a direction to the official liquidator to take the possession of all the assets - HELD THAT - Official liquidator is directed to take possession immediately of the assets mentioned in clauses (a) and (c) in Exh.'B' to the application along with any movables in those premises/location. The official liquidator is also directed to make suitable arrangement for securing properties and the charges for the security agencies to be paid by applicant within two weeks of receiving a communication from OL. Respondent no.2 to file an affidavit in reply and serve copy by 15th June 2018. Rejoinder, if any, by 25th June 2018.

Summary

Issues: Official liquidator's possession of assets, inclusion of party in application, direction for securing properties

Issue 1: Official Liquidator's Possession of Assets
The judgment addresses the issue of the official liquidator taking possession of assets mentioned in the application. The court directs the official liquidator to immediately take possession of the assets listed in the application, along with any movables in the specified premises or location. This directive is based on the fact that the applicant seeks a direction for the official liquidator to take possession of all assets, as detailed in the application.

Issue 2: Inclusion of Party in Application
Another issue discussed in the judgment is the inclusion of Invent Assets Securitisation & Reconstruction Private Limited (IASR) as a party to the application. The representative of IASR requests to be made a party to the application, as their clients have taken over or been assigned most of the company's debts in liquidation. However, the applicant argues that there is no relief sought against IASR in the application, and therefore, there is no need to include them as a party. It is decided that IASR may take appropriate steps to become a party if necessary.

Issue 3: Direction for Securing Properties
The judgment further addresses the issue of securing properties. The court directs the official liquidator to make suitable arrangements for securing the properties mentioned in the application. The costs for the security agencies are to be borne by the applicant, with payment due within two weeks of receiving communication from the official liquidator. Additionally, respondent no.2 is instructed to file an affidavit in reply by a specified date, with any rejoinder to be submitted by a later date.

In conclusion, the judgment provides clear directives regarding the possession of assets by the official liquidator, the inclusion of parties in the application, and the necessary steps for securing properties involved in the case. The court's decision aims to ensure proper handling and protection of assets during the liquidation process.