9911796707
TMI Blog2006 (7) TMI 336X X X X Extracts X X X X X X X X Extracts X X X X ..... d J.K. Singh for the Respondent. ORDER 1. Heard rival submissions. 2. This Court vide its order dated 4-8-1995 directed to wind up company and appointed the Official Liquidator attached to this Court as Liquidator of the company. This Court granted permission to the respondent-Bank (Bank of India) for filing application to the Debt Recovery Tribunal vide its order dated 4-9-199 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quidator in defending before the Tribunal shall be recoverable from sale proceeds of the properties of the company as and when sold." 3. That much before passing the winding up order, one of the secured creditors of the company in liquidation namely RIICO had taken over the possession of the assets of the company in liquidation by invoking the provisions of section 29 of the State Financial Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Official Liquidator and further directed to issue notice under section 28 of the RDB Act for its realization. The Official Liquidator invested the sale proceeds in fixed deposits under the orders of this Court. 4. The respondent-Bank filed reply with the averments that in terms of the orders of the Company Court dated 4-9-1997 the Bank filed application before this Court on 4-9-2002 which was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... material facts from this Court, hence the application deserves to be dismissed summarily with costs. 5. In B. Shoes Ltd. v. Indian Overseas Bank [Special Leave to Appeal (Civil) No. 3636 of 2003, order dated 14-11-2003], their Lordships of the Supreme Court granted leave and framed following question "Whether the Debt Recovery Tribunal can direct sale of assets of a company which has be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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