9911796707
TMI Blog1985 (9) TMI 283X X X X Extracts X X X X X X X X Extracts X X X X ..... ublication dated August 9, 1985. A further prayer has been made to direct the official liquidator to carry on the sale under his supervision. Objection has been filed to this application by the corporation. The substance of the objection is that having taken over the industrial concern in exercise of the power under section 29 of the State Financial Corporations Act, 1951, the corporation has complete jurisdiction to deal with the property and this court exercising the jurisdiction under the Companies Act, on the facts and circumstances of this case, has got no jurisdiction to interfere with the power of the corporation. Section 456 of the Companies Act, 1956 (hereinafter referred to as "the Act"), provides that all the assets of the comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e accounts and records of the company" The order of winding-up of the company was the subject-matter of challenge in an appeal to be affirmed by the Division Bench. Thus, the position is now clear that there cannot be any controversy whether the properties have been taken over by the corporation in exercise of the power under section 29 of the State Financial Corporations Act. In disposing of a similar application filed by an unsecured creditor for similar relief, I have already held in my order dated March 22, 1985, that the corporation has taken over the possession and the official liquidator cannot be directed to take over charge of those assets. Even assuming the submission of Mr. S. P. Misra that as per the resolution dated October ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 29 of the Act is being exercised, the property advertised for sale would be subject to the limitations of section 29 only. Whether the property satisfies the conditions under section 29 is not to be taken into consideration by this court exercising powers under the Companies Act, since those properties have already been excluded from being taken over by the official liquidator in the winding up proceeding itself. It was submitted by Mr. Misra relying upon a decision in Peerukannu Shahul Hameed v. Osanaru Pillai Ahammed Kannu, AIR 1970 Ker. 81, that the mortgage or pledge in this case is in respect of the land only and not the buildings which were not in existence at the time the property was given as security. Mr. Sinha, in rep ..... X X X X Extracts X X X X X X X X Extracts X X X X
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