9911796707
TMI Blog2020 (5) TMI 247X X X X Extracts X X X X X X X X Extracts X X X X ..... cer in OA 20/2011. The petitioner bank having advanced certain loan to the respondent No.2, had initiated recovery proceedings under RDDBFI Act by filing the application in OA 20/2011 before the Debts Recovery Tribunal, Guwahati seeking issue of recovery certificate. The said proceedings culminated in the judgment dated 12.08.2015 whereby the Debts Recovery Tribunal allowed the application and issued the recovery certificate for a sum of Rs. 21,81,74,284.05 (Rupees Twenty One Crore Eighty One Lakhs Seventy Four Thousand Two Hundred Eighty Four Five Paisa) with interest etc. 3. Based on such recovery certificate issued by the Debts Recovery Tribunal, the petitioner bank initiated the proceeding before the Recovery Officer. At this point, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g aggrieved by such direction issued by the Recovery Officer, is before this Court in this petition. 5. The fact that the respondent No.2 Company is in liquidation due to the order passed in the Company Petition No.8/2010 is not in dispute. If that be the position, the provision as contained in Section 529-A of the Companies Act would come into play and the distribution of the amount recovered in the liquidation proceedings will have to be made in the order of preference as provided under the said provision. If that be so, the dues to the workmen and the dues payable to any other secured creditors, if indicated in the records, will have to be taken note by the Company Court and an appropriate order is required to be passed. If that be the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he outstanding dues as per the Recovery Certificate." 6. If these aspects are kept in view and if the interest of the preferential creditors of the Company in the liquidation proceedings is protected, the direction issued by the Recovery Officer in OA 20/2011 through the order dated 12.03.2018 would not be sustainable at this point. 7. Accordingly, the order dated 12.03.2018 passed by the Recovery Officer in OA 20/2011 is set aside. However, it is made clear that though the petitioner has appropriated the amount realized through the auction sale conducted through the notice dated 15.12.2017, they shall deposit such amount that may be directed by the Company Court in the orders to be passed in the application to be filed in the liquidation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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