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TMI Blog2010 (9) TMI 233X X X X Extracts X X X X X X X X Extracts X X X X ..... he property shall take place on 29-10-2010. - COMPANY APPLICATION NO. 316 OF 2009 AND COMPANY PETITION NO. 150 OF 1998 - - - Dated:- 28-9-2010 - K.A. PUJ, J. C.Z. Sankhla for the Applicant. J.S. Yadav for the Respondent. JUDGMENT 1. The applicant-bank has taken out judges summons seeking directions to the official liquidator to hand over the possession of the secured assets to the applicant to enable the applicant-bank to enforce its secured assets by selling and realising the same by remaining out side the winding up proceedings. 2. An affidavit in support of the judges summons is filed by the chief manager of the applicant-bank. The court has issued notice on 20-8-2009. The court has passed further order directing the official liquidator to file copy of compliance report which he had earlier filed pursuant to the order of winding up passed by this court. In response to the said order the official liquidator has filed his report on 28-7-2010 wherein it was stated that he has made all efforts to find out the compliance report. However, the possession file and other relevant files, i.e., compliance report are not traced out. He has also inquired with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 Meera Upvan, Kasturba Road, Borivli (East), Mumbai. (2)Unit No. 3070, Nahar and Sheth Industrial Estate, Pannalal Silk Mill Compound, LBS Marg, Bhandup (West) Mumbai. (3)2nd Floor, Chakravrati Complex, Vijay Cross Road, Drive-in-road, Navrangpura, Ahmedabad. (4)5, Comtrade Corporate Centre, 51 Floor, Combata Building, (North West Wing) M. Karve Road, Mumbai. 6. The representatives of the official liquidator had visited the above premises in the year 2000. These facts were never placed before the court and no order was obtained. After ten years, now to issue any further direction in respect of these properties could not serve any purpose. Had this fact been brought to the notice of the court at the relevant point of time, further inquiry would have been undertaken pursuant to the order of the court. The official liquidator is, therefore, directed to initiate necessary inquiry against the persons, who were in charge at the relevant time and if they are in service either in his office or elsewhere, he is directed to seek their explanation as to why such major lapses have been committed and to take appropriate action in the matter, keeping this court informed from time to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Recovery Tribunal, Mumbai. The said Recovery Certificate was transferred to the Debts Recovery Tribunal, Ahmedabad for execution and numbered as TRP No. 67 of 2004. 9. Since the property in question was under the possession of the official liquidator an application was moved by exhibit H/28 to take over possession of the property and accordingly the Recovery Officer, DRT, Ahmedabad directed the official liquidator to file his reply. Since the official liquidator has not responded to the notice issued by the Recovery Officer the applicant-bank requested to hand over possession of the property and accordingly the Recovery Officer, DRT, Ahmedabad by order dated 21-9-2007 appointed the branch manager, ex-officio of the applicant-bank as Recovery Officer to take over the possession of the property and directed the official liquidator to hand over possession of the property. Pursuant to the said order the applicant-bank demanded the possession of the property from the official liquidator vide letter dated 26-10-2007. However, the official liquidator vide his order dated 14-12-2007 refused to hand over the possession of the property. The Recovery Officer, thereafter, informed the of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. J.S. Yadav, learned advocate appearing for the official liquidator, on the other hand, has submitted that the company went into liquidation in 2000 and since then the property is in possession of the official liquidator. No efforts were made by the applicant-bank. The official liquidator is representing the workers and all other creditors and in this way if the sale is undertaken by the court it would fetch adequate price and the amount can be disbursed in favour of the creditors and workers in view of the provisions contained in sections 529A and 530 of the Companies Act, 1956. He has, therefore, submitted that instead of directing the official liquidator to hand over the possession to the applicant-bank a sale committee be constituted wherein the applicant-bank is one of the members of the sale committee and the official liquidator be convener and after inviting the offers through public advertisement the auction be held. 13. Having heard learned counsels appearing for the parties and having considered their rival submissions it appears to the court that here in the present case neither the applicant-bank nor the official liquidator has acted promptly and accurately in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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