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$19 HIGH COURT OF DELHI CO.Appeal 14/2013 IFCI LTD
Appellant
Through: Mr.Dinkar Singh, Advocate.
$19 HIGH COURT OF DELHI CO.Appeal 14/2013 IFCI LTD
Appellant
Through: Mr.Dinkar Singh, Advocate.
VERSUS
INTERNATIONAL CERAMICS LTD & ORS Respondents
Through: Mr.Rajiv Behi and Mr. Mayank God, Advocates for the Official Liquidator.
Through: Mr.Rajiv Behi and Mr. Mayank God, Advocates for the Official Liquidator.
CORAM:
HON'BLE MR. JUSTICE SANJAY KISHAN KAUL
HON'BLE MS. JUSTICE INDERMEET KAUR
ORDER.
20.02.2013 C.A. No.3022/2013 (for exemption)
Exemption is allowed subject to just exceptions.
CO.Appeal. 14/2013 & C.A. No.3021/2013 (for stay)
Admit.
Learned counsel for respondent no.1 accepts notice who is only the
OW concerned respondent.
At request of learned counsel for the parties, the appeal is taken for final disposal.
The only grievance being made by the appellant and for that matter even the other secured creditors is that it is the secured creditors should be entitled to sell the assets in view of the powers conferred under The
Securitisation and Reconstruction of Financial Assets and Enforcement of
Security interest Act, 2002 which is a complete Code by itself.
CO.Appeal 14/2013 2013:DHC:8293-DB 11~- )
Learned counsel for Official Liquidator states that he has no objection to this process so long as the Official Liquidator is kept associated with the process of auction to which there is no objection on behalf of the appellant.
Learned counsel for the appellant states that to carry out the exercise of the auction, possession would have to be handed over to the appellant to be controlled by the Assets Sale Committee. Learned counsel for the
Official Liquidator states that the charges for the security directed to be paid by appellant in terms of the impugned order have still not been paid.
è Learned counsel for the appellant assures that the charges will be paid within 15 days from today and the possession would be under the control of the Assets Sale Committee.
In view of the aforesaid the impugned order is modified to the extent that the Assets Sale Committee formed of the secured creditors will sell the assets and will keep the Official Liquidator associated with the Assets Sale
Committee. The appeal is accordingly allowed to the aforesaid extent by consent of learned counsel for the parties.
In view of the order passed in the appeal, the stay application has become infructuous, it stands disposed of accordingly.
Dasti to the learned counsel for the parties.
FEBRUARY 20, 2013 nandan CO.Appeal. 14/2013 SANJAY ISHAN KAUL, J
INDERMEET KAUR, J 2013:DHC:8293-DB
HON'BLE MS. JUSTICE INDERMEET KAUR
ORDER.
20.02.2013 C.A. No.3022/2013 (for exemption)
Exemption is allowed subject to just exceptions.
CO.Appeal. 14/2013 & C.A. No.3021/2013 (for stay)
Admit.
Learned counsel for respondent no.1 accepts notice who is only the
OW concerned respondent.
At request of learned counsel for the parties, the appeal is taken for final disposal.
The only grievance being made by the appellant and for that matter even the other secured creditors is that it is the secured creditors should be entitled to sell the assets in view of the powers conferred under The
Securitisation and Reconstruction of Financial Assets and Enforcement of
Security interest Act, 2002 which is a complete Code by itself.
CO.Appeal 14/2013 2013:DHC:8293-DB 11~- )
Learned counsel for Official Liquidator states that he has no objection to this process so long as the Official Liquidator is kept associated with the process of auction to which there is no objection on behalf of the appellant.
Learned counsel for the appellant states that to carry out the exercise of the auction, possession would have to be handed over to the appellant to be controlled by the Assets Sale Committee. Learned counsel for the
Official Liquidator states that the charges for the security directed to be paid by appellant in terms of the impugned order have still not been paid.
è Learned counsel for the appellant assures that the charges will be paid within 15 days from today and the possession would be under the control of the Assets Sale Committee.
In view of the aforesaid the impugned order is modified to the extent that the Assets Sale Committee formed of the secured creditors will sell the assets and will keep the Official Liquidator associated with the Assets Sale
Committee. The appeal is accordingly allowed to the aforesaid extent by consent of learned counsel for the parties.
In view of the order passed in the appeal, the stay application has become infructuous, it stands disposed of accordingly.
Dasti to the learned counsel for the parties.
FEBRUARY 20, 2013 nandan CO.Appeal. 14/2013 SANJAY ISHAN KAUL, J
INDERMEET KAUR, J 2013:DHC:8293-DB
JUDGMENT