9911796707
TMI Blog2021 (2) TMI 1386X X X X Extracts X X X X X X X X Extracts X X X X ..... IGH COURT - HC X X X X Extracts X X X X X X X X Extracts X X X X ..... ower from Bank of India. It is further submitted that under an Assignment Agreement dated 17.11.2017, the applicant in C.A. No.260/2019 had acquired debts of the Company in liquidation from Bank of India. As regards rights for recovery of such debts from the company in liquidation, the company has been ordered to be wound up as per the order dated 12.04.2019. 5. The Bank of India had filed O.A.No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ARFAESI Act') provides for a separate procedure, the same would override the general procedure and accordingly, the assignee from the Bank of India is to be permitted to stand outside the winding up proceedings and proceed against the secured assets in its possession. 6. The Official Liquidator in their application - C.A. No.199/2019 has submitted that their right under the Companies Act is t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anies at the first instance on 11.12.2004 and is modified. 9. Insofar as the assignment in favour of the applicant in C.A. No.260/2019, admittedly such assignment has been made on 17.11.2017. The assignment is an internal transaction between the Bank of India and the assignee. If the creation of charge by the Bank of India is taken note of, clearly such charge is not affected by the order of wind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by standing outside the winding up proceedings, clearly the Official Liquidator's role as enumerated in Section 13(9) of the SARFAESI Act would have to be accommodated in order to ensure interests of the workmen etc. 10. Accordingly, the applicant in C.A. No.260/2019 is permitted to proceed against the assets of the company in liquidation as secured to it while making it clear that as regard ..... X X X X Extracts X X X X X X X X Extracts X X X X
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