1987 (6) TMI 352

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..... N. Mittal, J. Briefly, the facts are that the applicant had advanced loan to respondent No 1. The other respondents were guarantors for repayment of the loan. All the respondents had mortgaged their properties with the applicant. The loan was not repaid and the applicant instituted a suit for its recovery against them which was decreed by this court on November 1, 1985. A preliminary decree for .....

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..... s agreed between the Haryana Financial Corporation and the bank that out of the sale proceeds of the property, ths be given to the former and the remaining th to the latter. The property was got auctioned by this court through the District Judge, Sonepat. Out of the price fetched by sale of the property, expenses of the auction and fee of the auctioneer were paid to the court-auctioneer and 1% .....

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..... fficial liquidator started acting as liquidator. He has also made reference to rule 291(4) of the Companies (Court) Rules, 1959. I have duly considered the matter, but do not find any substance therein. Sub-section (2) of section 451 of the Companies Act says that where the official liquidator acts as liquidator, there shall be paid to the Central Government out of the assets of the company, suc .....

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