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TMI Blog2019 (11) TMI 904X X X X Extracts X X X X X X X X Extracts X X X X ..... he pending liquidation proceedings subject to the outcome of SLP filed by the Assistant Commissioner (CT). All questions relating to the prioritising of rival claims as well as approving of the claims is to be undertaken by the Official Liquidator, attached to the Bombay High Court. The petitioner/ICICI Bank shall keep all the 8 (eight) Fixed Deposits renewed pending such exercise. The writ petitions are disposed off relegating the parties to make their submissions before the Official Liquidator, attached to Bombay High Court in accordance with law. The Official Liquidator, attached to Bombay High Court, will examine the same in accordance with the provisions of the Companies Act. - W.P. Nos.30664 of 2005 and 5096 of 2015 - - - Da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e matter even now. 4. In W.P.No.30664 of 2005 , the petitioner/ICICI Bank Limited claims that the priority of moneys, realised from sale of movable and other securities. The amounts have been kept in a fixed deposit, pursuant to the order of this Court. In W P No.5096 of 2015, the Madras Petrochem Employees Union claims that as per the provision of Section 529-A of the Companies Act, 1956 in case of a Company being wound up on or after the commencement of this Act, the secured creditor of such company, who opts to realise his security instead of relinquishing his security and proving his debt under proviso to sub-section (1) of Section 529 of the Companies Act, 1956 may retain the sale proceeds of his secured assets afte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. I am the Branch Manager of the Petitoner herein and I am well acquainted with the facts and circumstances of the case. 2. I submit sale proceeds of movables sold pursuant to the notice of intended sale deed 16.08.2004 to the tune of ₹ 4,83,40,000/- has been kept in fixed deposit pursuant to the order of this Hon'ble Court in the subject matter. The said deposit has been renewed from time to time as per the bank's norms and as on date, the total amount available is ₹ 10,06,39,826/- and the details of which are given are below:- S.No Account Number Amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e petitioner is prepared to abide by any further orders of this Hon'ble Court to transfer the amount to the Official Liquidator, Mumbai, if so directed by the Hon'ble Court. In the above circumstances, it is prayed that this Hon'ble Court may be pleased to pass appropriate orders and thus render justice. For ICICI Bank Limited Authorised Signatory R.A. Puram Branch, Chennai-600 028 Solemnly affirmed at Chennai on this 8th day of November 2019 and signed his name in my presence Before me Advocate, Madras 7. Learned counsel for the petitioner/ICICI Bank submitted before us tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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