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TMI Blog2020 (11) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 529-A of the Companies Act, 1956, it is required to be noted that the said aspect has also been taken care of by the aforesaid principle. Therefore, in view of the principle laid down by the Apex Court in Pegasus Assets Reconstruction Private Limited vs. Haryana Concast Limited and Another [2015 (12) TMI 1472 - SUPREME COURT] , the applicant - Company is permitted to continue with the auction process under the provisions of Sections 13 and 14 of the SARFAESI Act, 2002 concerning the secured assets. The applicant - Company is permitted to continue with the action, as laid down under proviso to sub-section (4) of Section 13 of the SARFAESI Act, 2002. Application allowed. - R/COMPANY APPLICATION NO. 29 of 2020 - - - Dated:- 26 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n, Tal. Kadi, District Mehsana and Plot No.20 C admeasuring 1908 sq.mtrs. situated at Revenue Survey No.400, 402/paiki of mouje Budasan, Tal Kadi, District Mehsana belonging to M/s. Polo Ceramics Pvt. Ltd. (in liqn.). 2. The brief facts are to the effect that M/s. Polo Ceramics Pvt. Ltd. was ordered to be wound up by an order dated 5.2.2020 passed by this court in Company Petition No.70 of 2015 and pursuant to the said order, Official Liquidator was appointed as Liquidator to the company. As a result whereof, the Official Liquidator issued notice dated 18.3.2020 to the directors of the said company, informing about taking over the charge of the assets and properties, books of accounts, records and all movables and immovables of the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... intention of the Parliament expressed in Section 13 of the SARFAESI Act, 2002 that a secured creditor has the right to enforce its security interest without the intervention of the court or tribunal. At the same time, the Act takes care of grievance of a company under liquidation which would mean the liquidator, and it will have the right of seeking redressal under Sections 17 and 18 of the SARFAESI Act, 2002. 3.1 It is thus, submitted that in view of the aforesaid principle enunciated by the Apex Court, the applicant is justified in making a prayer of allowing to stay outside the winding up proceedings in view of the provisions of the SARFAESI Act, 2002 which is a special Act and also entitles exercise of rights without any fetters. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the provisions of Section 529A of the Companies Act even where the company is being wound up after coming into force of the SARFAESI Act, if the secured creditor of such company opts to stand out of the winding up proceedings, it is entitled to retain the sale proceeds of its secured assets after depositing the workmen's dues with the liquidator in accordance with the provisions of Section 529A of the Company Act. The third proviso is also meant to work out the provisions of Section 529A of the Companies Act, in case the workmen's dues cannot be ascertained, by relying upon communication of estimate of such dues by the liquidator to the secured creditor, who has to deposit the amount of such estimated dues with the liquidator and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case of a company under liquidation would mean the liquidator, will have the right of seeking redressal under Sections 17 and 18 of the SARFAESI Act. 7. The concern raised by the Official Liquidator with respect to the provisions of Section 529-A of the Companies Act, 1956, it is required to be noted that the said aspect has also been taken care of by the aforesaid principle. Therefore, in view of the aforesaid principle laid down by the Apex Court, the applicant - Company is permitted to continue with the auction process under the provisions of Sections 13 and 14 of the SARFAESI Act, 2002 concerning the secured assets being plot No.20/A, 20/B, 20/O and 20/N, GIDC Industrial Estate, Kadi, total land admeasuring 7576.68 sq.mtrs. s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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