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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 ..... 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 Financial Corporation. C. A. No. 110 of 2006 has been filed by Parkash Aggarwal, whereas C. A. No. 452 of 2007 has been filed by Purnima Aggarwal, wife of Parkash Aggarwal, son of Malook Chand Aggarwal, for impleading as party-respondents. It is admitted case of the parties that M/s. Malook Chand Agro Oils Ltd. a company in liquidation incorporated under the Companies Act, 1956, was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount 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 February 1, 2006, issued a direction to the Haryana Financial Corporation to take a final decision on the applicant's application dated August 23, 2005, as expeditiously as practicable and in any case, not later than six weeks from the date of receipt of the representation. In C. A. No. 452 of 2007 which has been filed by Pumima Aggarwal, she has claimed that the company in liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 extent of Rs. 21,89,932 and that of the State Bank of India to the extent of Rs. 1,09,95,000 by the official liquidator. In addition to this, they are also required to pay watch and ward expenses. Out of the aforesaid determined amount, an amount of Rs. 17,72,123 stands paid to the Haryana Financial Corporation and Rs. 15,50,530 to the State Bank of India by the ex-directors. According ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... strial 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 297 of 145 Comp Cas) : "It is an act between the surety and the creditor. It is an act of substitution of surety as secured creditor in terms of deed of guarantee and, therefore, I have no hesitation to hold that the applicant is a secured creditor and is entitled to recover the amount from the company in liquidation and has stepped into the shoes of the banks/financial institutions. Both these ..... X X X X Extracts X X X X X X X X Extracts X X X X
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