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TMI Blog2002 (4) TMI 821X X X X Extracts X X X X X X X X Extracts X X X X ..... made by the applicant to grant it leave to remain out of the winding-up proceedings and to realise its dues by exercising powers under the State Financial Corporation Act, 1951 by selling all the assets of the Company in respect of which mortgage/charge/hypothecation has been created in favour of the applicant as a secured creditor by taking the possession of the mortgaged and hypothecated properties from the Official Liquidator who is having possession of the said assets after winding up order dated 16-3-2000 passed by this Court. It is prayed to pass any other further order by the Court as it may deem fit and proper in the facts and circumstances of the case in favour of the applicant. 3. It is not in dispute that Shree Shiva Spinner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er section 19 of the Banks and Financial Institutions Act, 1993 as like other financial institutions and then only it is entitled to get the said debt satisfied through the assets and properties of the respondent-company. Alternatively it is submitted that the applicant to file its claim before the Official Liquidator for determination of its debt against the respondent-company in liquidation and then only to proceed for recovery of the same. In reply it is prayed that the application filed by the applicant-company may be decided accordingly. 5. In the rejoinder in para 3 thereof the applicant stated that the Official Liquidator had raised last demand of Rs. 14,800 for security expenses from March 2001 to September 2001 vide its lette ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l or expensive litigation as far as matter which could be expeditiously and cheaply decided by the Company Court are concerned. The Official Liquidator does not dispute that the applicant is a secured creditor of the company (in liquidation). It is uncontroverted that RIICO had sanctioned an interest-bearing term loan amounting to Rs. 90 lakhs to the company (in liquidation) on first charge basis by mortgage and hypothecation of the existing and future fixed assets of the company. The company (in liquidation) was also sanctioned a Central Investment Subsidy of Rs. 25 lakhs. It is also uncontroverted that the repayment of loan amount and central subsidy together with interests, additional interest, liquidated damages, commitment charges, cos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... September 2001 has been paid to the Official Liquidator, it has to be accepted, more so when it is not controverted. Till day the assets of the company in liquidation remains with the Official Liquidator, the applicant is under a legal obligation to pay to it pro rata share of Rs. 2,466 p.m. for the security expenses. For this, the Official Liquidator is free to raise this demand and as and when this demand is raised, the applicant has to make the payment thereof forthwith. The learned counsel for the applicant also very fairly submitted that it is a matter of raising demand by the Official Liquidator under this head and as and when such a demand is made; the applicant will make the payment thereof. In view of this stand so far this obje ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... strial Development Investment Corporation Ltd., Jaipur is permitted to remain out of winding-up proceedings, however, subject to the conditions; ( 1 ) it shall submit its claim before the Official Liquidator within one month from the date of receipt of the certified copy of this order; ( 2 ) it shall take appropriate steps for sale of assets of the company (in liquidation) without any delay. In making the sale of the assets of the company (in liquidation) it will report day to day progress thereof to the Official Liquidator. The applicant shall inform to the Rajasthan Financial Corporation, Jaipur as well the concerned branch of the Punjab National Bank of this order and further to inform that if they so desire may associate with applican ..... X X X X Extracts X X X X X X X X Extracts X X X X
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