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TMI Blog2020 (9) TMI 81X X X X Extracts X X X X X X X X Extracts X X X X ..... e already been decided by this Court. A decision not accepting the plea of a party, but passed after taking into consideration entire facts and circumstances brought on record and considering pronouncements of the Apex Court as well as provisions of law applicable to the case, cannot be termed having apparent error on the face of record. Thus, there is no error in interpreting the relevant provisions of law and appreciating pronouncements of the Apex Court, however, even if, plea of petitioners is accepted that there is incorrect interpretation of law, then also, for the detailed discussion in the impugned judgment, with respect to provisions of the Act and ratio of law laid down by the Supreme Court, such error cannot be said to be s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n No.7 of 2018. It is further averred that discussion centering around the provisions of law contained in Section 529A of the Act in paras 31 to 34 of the impugned judgment has not construed the legislative intent in right perspective. It is also averred that petitioners are admittedly the secured creditors and, thus, their rightful preferential claim cannot be ignored and denied and petitioners reasonably believe that sale proceeds lying with the Official Liquidator are from the sale of assets mortgaged by the Company in liquidation with the secured lenders and in view of aforesaid factual position, relevant provision of law contained in Section 529A was to be construed and applied by giving first charge to the petitioners and thus allowin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court and provisions of relevant law in detail. Mere fact, that having regard to the material on record another view could be taken, is not a ground for review. 6. A decision not accepting the plea of a party, but passed after taking into consideration entire facts and circumstances brought on record and considering pronouncements of the Apex Court as well as provisions of law applicable to the case, cannot be termed having apparent error on the face of record. 7. Though, I am of the considered view that there is no error in interpreting the relevant provisions of law and appreciating pronouncements of the Apex Court, however, even if, plea of petitioners is accepted that there is incorrect interpretation of law, then also, for the de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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