2004 (1) TMI 386

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..... to appoint an Advocate-Commissioner to call for offers and sell the schedule 'A' property and deposit the sale proceeds with the applicant. 2. The applicant is a creditor of the respondent company and he submits that as on 26-7-2003, an amount of Rs. 49,15,833.90 is outstanding and that no prejudice would be caused to the respondent if the 'A' schedule property, which is a house site in Bangalor .....

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..... perate in favour of all the creditors and all the contributors of the company, as if it had been made on the joint petition of a creditor and of a contributory. Hence, the applicant, in his capacity as a creditor of a wound up company, cannot repossess the property, which is in the custody of the Official Liquidator, without adjudicating the claim of all the creditors. 5. Under section 446(1) of .....

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..... ith powers of a Receiver, Commissioner etc. to deal with the assets and effects of the company in liquidation irrespective of the charges. 6. In this legal backdrop, the above application for appointment of the Advocate Commissioner does not merit acceptance and the same becomes liable only to be dismissed. In result, (i )the above application is dismissed. (ii)The applicant herein is directed .....

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