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TMI Blog2008 (7) TMI 571X X X X Extracts X X X X X X X X Extracts X X X X ..... 7-7-2008 - PERMOD KOHLI, J. L.M. Suri, Deepak Suri, Chetam Mittal, Vikas Garg, Puneet Gupta, R.M. Suri and Neeraj Khanna for the Appearing Parties. JUDGMENT Permod Kohli, J. This order shall dispose of Company Application No, 110 of 2006 in C. A. No. 537 of 2005 in C. P. No. 9 of 1994 filed by Parkash Aggarwal and Company Application No. 452 of 2007 in C. A. No. 537 of 2005 in C. P. No. 9 of 1994 filed by Purnima Aggarwal, wife of Parkash Aggarwal, as in both these applications, the question of law and facts involved are the same. The applicants in both these applications are the guarantors for the company in liquidation in respect to the loan secured from the State Bank of India as also the Haryana Financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ex-management settled with the State Bank of India for revised amount of Rs. 85,50,000 out of which Rs. 15,50,000 was paid by Parkash Aggarwal in his capacity as a guarantor. Similarly, a settlement was arrived at with the Haryana Financial Corporation under the scheme known as Compromise Settlement of Chronic Non-performing Assets of Haryana Financial Corporation-2005 and an amount of Rs. 1,50,000 was paid on August 23, 2005, being ten per cent, of the outstanding amount. However, the Haryana Financial Corporation did not settle the account completely and a Civil Writ Petition No. 1568 of 2006 has been moved by the applicant Parkash Aggarwal in the High Court of Punjab and Haryana at Chandigarh. The hon'ble High Court vide order dated F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount from the company in liquidation. It is, however, admitted position that the Haryana Financial Corporation settled for Rs. 28,32,720 under the NPA compromise scheme on January 15, 2004 and received an amount of Rs. 17.72 lakhs approximately. It has been stated that the assets of the company were sold in favour of Parkash Aggarwal for a total sale consideration of Rs. 1,03,51,149 on December 17, 2004, in terms of order passed in C. A. No. 719 of 2004. It is further mentioned that in the meetings held on February 20, 2006, the Haryana Financial Corporation withdrew one-time settlement earlier made with the ex-management. However, the claim of the Haryana Financial Corporation as secured creditors was adjudicated and determined to the exte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted March 28, 2008. Payment of these amount, however, was subject to the final outcome of the proceedings. A similar issue came up for consideration in the case of Punjab State Industrial Development Corporation Ltd. v. Punjab National Fertilizers and Chemicals Ltd. Punjab Law Reporter, Vol. CX-LIV-(2006-3), 402 ; [2008] 145 Comp Cas 293 (P H). In the aforesaid case, the Punjab State Industrial Development Corporation Ltd. paid the liability of the company in liquidation to the banks and financial institutions in its capacity as a guarantor and approached the official liquidator for being substituted as secured creditor in the place of the bank/financial institution. On consideration of the issue, this court held as under (see page ..... X X X X Extracts X X X X X X X X Extracts X X X X
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