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TMI Blog2015 (1) TMI 1269X X X X Extracts X X X X X X X X Extracts X X X X ..... el for the shareholders and guarantors for restraining the Asset Reconstruction Company to sell of the assets of the company in liquidation is merely to be noticed and rejected. No provision of law has been pointed out to show as to how validity of assignment agreement can be challenged before the Company Court. Once the debt has been assigned by IFCI to the Asset Reconstruction company, it steps into its shoes as secured creditor and can take whatever action a secured creditor could take. The apprehension of the shareholders and the guarantors was that the assets of the company in liquidation may not be sold at throw away price. The apprehension is misplaced, if considered in the light of the directions already issued in terms of which the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e with Mr. Gaurav Mankotia, and Ms. Harpriya Khanika, Advocates, for UV Assets Reconstruction Company Limited. Mr. Sudhir Mittal, Advocate, for the shareholders/guarantors. Rajesh Bindal, J. This order will dispose of Company Application bearing CA Nos. 512 of 2013, 148, 149 and 363 of 2014. CA No.148/2014 The prayer in the application is for exemption from filing certified copies of Annexures A-1 and A-2. The applicant is exempted from filing certified copies of Annexures A-1 and A-2. The application stands disposed of. CA Nos. 512/2013, 149 and 363/2014 The prayer made in CA No. 512 of 2013 filed by the applicant- UV Asset Reconstruction Company Limited (for short, 'the Asset Reconstruction Company' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... firmed in CA No. 25 of 2007 and CA No. 491 of 2010, decided on 10.1.2014. In support of his plea, learned counsel for the Asset Reconstruction Company placed reliance upon judgment of Hon'ble the Supreme Court in ICICI Bank Limited vs Official Liquidator of APS Star Industries Limited and others AIR 2011 SC 1521, Division Bench judgments of this Court in Dhir and Dhir Asset Reconstruction and Securitization Company Limited vs AIR Liquide North India Private Limited and others (2009) 152 Comp Cas 604 (P H), CWP No. 13233 of 2012 titled as Rita Machines (India) Limited vs Debt Recovery Appellate Tribunal and others, decided on 30.9.2013, Pegasus Asset Reconstruction Private Limited vs Haryana Concast Limited (2009) 152 Comp Cas 215 (P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , vouchers for the expenses incurred on account of valuation of the assets of the company and of security expenses be furnished. Heard learned counsel for the parties and perused the paper book. As in terms of the Assignment Agreement dated 8.7.2013, the debt of the company in liquidation was taken over by the applicant assignee company namely UV Asset Reconstruction Company Limited from IFCI, the application for substitution is allowed and the applicant - UV Asset Reconstruction Company Limited is directed to be substituted as party in place of IFCI as a secured creditor. Memo of parties be corrected accordingly. The issue as to whether assignee of a secured creditor in terms of Section 5(1)(b) of the SARFAESI Act, who steps into ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ertised with a specific clause that the winding up proceedings are pending before the company court, with details of case number and the court of adjudication. (d) The expenses already incurred for the conduct of the sale by the official liquidator shall be deducted from out of the sale proceeds before any appropriation or disbursement and deposited with the official liquidator. (e) The reconstruction company shall place before the company court the details of its claim and all expenses incurred before the company court, before making any appropriation to itself and disbursed. (f) The surplus proceeds over what is lawfully due to it shall be deposited to the credit of the company (in liquidation) before the official liquidator. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is misplaced, if considered in the light of the directions already issued in terms of which the Asset Reconstruction company is to associate the Official Liquidator at every stage and further the sale shall be subject to approval by the Company Court. Even at that stage, the applicants- shareholders and guarantors shall be at liberty to intervene and bring a better buyer so as to get the maximum price for the properties sold. As far as claim of liquidation expenses by the Official Liquidator is concerned, learned counsel for the Asset Reconstruction company has stated that entire amount claimed shall be paid, however, it is directed that the Official Liquidator shall provide the vouchers in support of the claim for the amount paid for va ..... X X X X Extracts X X X X X X X X Extracts X X X X
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