9911796707
TMI Blog2014 (3) TMI 1240X X X X Extracts X X X X X X X X Extracts X X X X ..... recoverable under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and also under the State Financial Corporations Act, 1951 the Official Liquidator is bound to be associated by the secured creditor as he represents the workmen dues for which a pari pasu charge is held by him. This question, however, was considered by a Division Bench of the Delhi High Court in Kotak Mahindra Bank Ltd., v. Megnostar Telecommunications [ 2012 (9) TMI 1092 - DELHI HIGH COURT ]. By its judgment the Division Bench held that the ratio in Rajasthan Financial Corporation has no application to the dues recoverable under the SARFAESI Act. The applicant is permitted to sell the properties of the company in liquidation by scrupulously following ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... covery of Debts Due to Banks and Financial Institutions Act, 1993 and also under the State Financial Corporations Act, 1951 the Official Liquidator is bound to be associated by the secured creditor as he represents the workmen dues for which a pari pasu charge is held by him. This question, however, was considered by a Division Bench of the Delhi High Court in Kotak Mahindra Bank Ltd., v. Megnostar Telecommunications Co.App.No.58 of 2012, dated 17.09.2012. By its judgment, dated 17.09.2012, the Division Bench held that the ratio in Rajasthan Financial Corporation (1 supra) has no application to the dues recoverable under the SARFAESI Act. In the process, the Division Bench disagreed with the judgment of the Division Bench of the Punjab and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sociate with the Official Liquidator in respect of the dues under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and also under the State Financial Corporations Act, 1951 and the Supreme Court being in sisin of this issue in the above noted SLPs, his client would not like to get entangled in this controversy and that the applicant-bank is prepared to follow the same directions as were issued in Rajasthan Financial Corporation (1 supra). Accordingly, the applicant is permitted to sell the properties of the company in liquidation by scrupulously following the directions issued in Rajasthan Financial Corporation (1 supra). The valuation report, dated 19.11.2013, of Mr. Pradeep Kapaarthi, Chartered Engineer & Valuer, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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