9911796707
TMI Blog2008 (1) TMI 613X X X X Extracts X X X X X X X X Extracts X X X X ..... d contempt proceedings are closed, directing Official Liquidator to be more diligent. X X X X Extracts X X X X X X X X Extracts X X X X ..... o companies. Therefore this Court suo motu passed orders on 7-6-2006 appointing Official Liquidator attached to this Court as provisional liquidator. The applicant alleges that by reason of section 44 of the Act, Official Liquidator became liquidator of SUL and SWL also. Be that as it is Official Liquidator allegedly took into possession of Acs. 250.00 of land, leaving other extent of land to be identified and surveyed with the help of revenue department. The Official Liquidator filed C.A. Nos. 568 and 569 of 2006 for direction to MRO and valuation of the same through approved surveyor. Another application C.A. No. 570 of 2006 was filed to sell the land after survey and valuation. While these applications are pending consideration, this Court passed orders dated 30-6-2006 in C.A. No. 570 of 2006 appointing a committee of two Advocate Commissioners, M/s. M. Jagannadha Sarma and M. Anil Kumar, for taking up sale of assets as ordered by this Court. This Court also directed Advocate Commissioners to invite claims from the depositors, adjudicate their claims and submit report before this Court. A similar order was also passed in respect of SCL. Official Liquidator was directed to transf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f companies is concerned. Official Liquidator has to act in obedience to and in accordance with directions issued by company Court. He cannot have any independent existence insofar as winding up matters are concerned and therefore he cannot file such an application without leave of the company court. Insofar as merit of the application is concerned, he submits as follows. Initially Official Liquidator was appointed as liquidator/provisional liquidator of the three companies. As the Official Liquidator did not show any progress nor he filed proper applications and status reports before this Court even after lapse of four years after winding up orders in respect of SUL and SWL, this Court appointed Advocate Commissioners for expeditious disposal of part of the lands and for inviting claims of the depositors with a view to settle them. Such a method is permissible under law. Appointment of Advocates/Chartered Accountants and other persons as liquidators of the company in winding up instead of Official Liquidator attached to this Court the company Court is well recognised. Such appointment of Advocate Commissioners is also approved by Supreme Court. He has placed reliance on unreported ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions cannot be read in isolation nor these provisions dilute or diminish inherent powers of Company Court which are saved by virtue of rule 9 of the Rules which are promulgated by Supreme Court in exercise of powers under section 643 of the Act. Section 490 of the Act enables the company opting for voluntary winding up to appoint liquidator ignoring the Official Liquidator attached to this Court. Whatever be the situation, the liquidator cannot act independently. He is always accountable to the company Court and subject to such directions as may be issued, Official Liquidator is bound to obey the orders of Company Court. A reference to sections 455, 457 and 458 of the Act would suffice to sustain the point. The question therefore is whether the Official Liquidator can file appeal/revision/ review or application to recall an order passed by Company Court earlier without obtaining prior approval or permission of Company Court. 10. A perusal of section 457 of the Act which deals with powers of liquidator would show that Official Liquidator while acting as liquidator or otherwise has no such power to file application on his own without leave of Company Court. In Official Liquidator v. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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