9911796707
TMI Blog1994 (7) TMI 364X X X X Extracts X X X X X X X X Extracts X X X X ..... . 8 of 1984 presented on January 27, 1984. By reason of the provisions of section 449 of the Companies Act, 1956 (the Act for short), the official liquidator attached to this court became the liquidator of the company. The respondent, which is established under section 3 of the State Financial Corporations Act, 1951 (for short, the SFC Act ), claims that it is a secured creditor of the company in liquidation. The respondent-corporation took out Company Application No. 610 of 1988 in Company Petition No. 8 of 1984 (Karnataka State Financial Corporation v. Patil Dyes and Chemicals (P.) Ltd. [1991] 70 Comp Cas 38 (Kar)) along with other similar applications. That application was admitted with other similar applications in company matters. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er workmen of the company in liquidation and to have the application brought up after four weeks. The official liquidator got published the notices and by the order dated March 30, 1989, the learned company judge permitted the Karnataka State Financial Corporation to sell the assets of the company in liquidation, which was opposed as inconsistent with the earlier order dated February 23, 1989, wherein it was categorically held that the right of the Karnataka State Financial Corporation to deal with the property and assets of the company in liquidation is taken away by reason of the provisions of sections 529 and 529A of the Act, and the official liquidator was to cause the sale of properties in public auction. The appellant herein took out ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respondent was agreeable to the said course being adopted and he rightly submitted that his request is in consonance with the decision of the Supreme Court in Mahesh Chandra v. U.P. Financial Corporation . For all these reasons, therefore, even though the secured creditor stands outside the winding up, pursuant to section 529(1) of the Act, once the official liquidator is appointed for the company (in liquidation) whose properties are sought to be disposed of by the secured creditor like the respondent, the official liquidator has to be associated in such exercise. Consequently, these appeals are disposed of by passing the following order : (1) The assets of the company for winding up will be advertised for sale by the respondent-corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany - both movable and immovable including machinery, he deposited ₹ 1,00,000 in all, with the respondent and the said money is lying with the respondent. His offer was to the tune of ₹ 13 lakhs. It is obvious that the appellant and respondent will keep in mind this offer while fixing the upset price pursuant to the advertisement to be issued now. So far as the applicant in I.A. No. 2 is concerned', all that we can direct is that his offer will also be kept in view by the respondent in connection with the fresh advertisement to be issued and the amount of ₹ 1,00,000 lying with the respondent, as submitted by the applicant, will abide by the final result of the scrutiny of offers. It will also be open to the applican ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
