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TMI Blog2014 (12) TMI 1432X X X X Extracts X X X X X X X X Extracts X X X X ..... 5-8-2010 and that the official liquidator has not been appointed as provisional official liquidator of the M/s. CV Steel Limited by the company court, the official liquidator is directed to hand back the assets of the M/s. CV Steel Limited to the RIICO as earlier obtained on 19-1-2007. There are presently no occasion to issue any direction for recovery of expenses expanded on protection of assets of the M/s. CV Steel Limited while in possession of the official liquidator from the sale of the assets in question by RIICO in view of the fact that this court while passing the order dated 5-8-2010 recalling the winding up order dated 19-7-2002 on the application of the directors of the M/s. CV Steel Limited, had directed that the liability of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... directed by the Company Court. However thereafter the winding up order dated 19-7-2002 was recalled by this court on 5-8-2010 with certain conditions on an application filed by the directors of the company in winding up. Subsequently, the proceedings under the provisions of Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter '1985 Act') in respect of the company M.s, C.V. Steel Limited before the BIFR were dropped vide order dated 14-3-2012 for reasons of it not being a sick industrial company within the meaning of the term as defined in the 1985 Act. It would be in place to record that the appeal against the dismissal of the reference under Section 16 of the 1985 Act filed by M/s. CV Steel Limited before the AAIFR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r's possession, yet the payment has not been forthcoming. And until the expenses as aforesaid are indeed receipted by the official liquidator, it be ensured that in the unlikely event of non payment, the Official Liquidator be reimbursed from the proceeds obtained from the sale of the assets of the respondent company. While the M/s. CV Steel Limited is not party to the application filed by RIICO, and rightly so in the context of the prayer in the application under consideration it proceeded to file a reply to RIICO's application along with a counter affidavit. Therein it has been submitted and reiterated by Company's counsel Shri Rajendra Salecha that when the assets of the company M/s. CV Steel Limited are handed back to the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection on presence of the representatives of the M/s. CV Steel Limited at the time of handing over possession of the assets of the company by the official liquidator to the RIICO, I would allow the representatives of the M/s. CV Steel Limited to be present at the time of handing over possession of the assets to the RIICO by the official liquidator, during which time assets also be also inventarised and duly notarised. The handing over of possession of the assets of the company from the official liquidator to RIICO shall take place on December 29, 2014 at 1.00 PM. The company M/s. C.V. Steel Limited should ensure the presence of its officials at the aforesaid time. Notice to counsel for the company, Mr. Rajendra Salecha shall constitute as a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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