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% 18.07.2011
Present: Mr. Vivek Sibal, Advocate with Ms. Pooja Verma, Advocate for the Appellant.
Mr. Rajiv Bahl, Advocate for Official Liquidator.
+ CO. APP.24-25/2010 & CMs 18854/2010, 3699/2011
* We have perused the impugned order. The learned
Company Judge obviously and correctly was concerned with the filing of Statement of Affairs by the Ex-Directors of the
Company. In this regard a report may have been found relevant so far as the Official Liquidator is concerned from the ING Vysya
Bank, which has successfully initiated proceedings under
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002(hereinafter referred to as the "SARFESI Act"). Having succeeded in those proceedings, a property belonging to the company in liquidation has been sold, the sale proceedings of which have been appropriated by the Appellant. All these details shall obviously been furnished by the Appellant to the Official Liquidator.
Thereafter proceedings as contemplated under the Companies
CO.APP.24-25/2010 Page 1 of2
2011:DHC:10972-DB
Act shall be taken. The difficulty which arises is that there is a prayer clause (iv) in the report filed by the Official Liquidator in
C.P. No.171/2007 which reads as under:-
"(iv) The ING Vysya may kindly be directed to deposit the sale proceeds amount of ? 3,13,80,202.78 paise with the
Official Liquidator"
This prayer has not been specifically granted in the impugned order. Putting all doubts at rest, the Appeal is allowed by stating that the impugned order shall have no reference to the above mentioned prayer. The learned Company
Judge may, however pass any order on this very issue after hearing the parties within three weeks.
The Appeal is allowed in these terms.
All pending applications stand disposed of.
VIKRAMAJIT SEN,J. cX^ ^
SIDDHARTH MRIDUL,J.
July 18, 2011 d/jo/
CO.APP.24-25/2010 Page 2of2
2011:DHC:10972-DB
Present: Mr. Vivek Sibal, Advocate with Ms. Pooja Verma, Advocate for the Appellant.
Mr. Rajiv Bahl, Advocate for Official Liquidator.
+ CO. APP.24-25/2010 & CMs 18854/2010, 3699/2011
* We have perused the impugned order. The learned
Company Judge obviously and correctly was concerned with the filing of Statement of Affairs by the Ex-Directors of the
Company. In this regard a report may have been found relevant so far as the Official Liquidator is concerned from the ING Vysya
Bank, which has successfully initiated proceedings under
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002(hereinafter referred to as the "SARFESI Act"). Having succeeded in those proceedings, a property belonging to the company in liquidation has been sold, the sale proceedings of which have been appropriated by the Appellant. All these details shall obviously been furnished by the Appellant to the Official Liquidator.
Thereafter proceedings as contemplated under the Companies
CO.APP.24-25/2010 Page 1 of2
2011:DHC:10972-DB
Act shall be taken. The difficulty which arises is that there is a prayer clause (iv) in the report filed by the Official Liquidator in
C.P. No.171/2007 which reads as under:-
"(iv) The ING Vysya may kindly be directed to deposit the sale proceeds amount of ? 3,13,80,202.78 paise with the
Official Liquidator"
This prayer has not been specifically granted in the impugned order. Putting all doubts at rest, the Appeal is allowed by stating that the impugned order shall have no reference to the above mentioned prayer. The learned Company
Judge may, however pass any order on this very issue after hearing the parties within three weeks.
The Appeal is allowed in these terms.
All pending applications stand disposed of.
VIKRAMAJIT SEN,J. cX^ ^
SIDDHARTH MRIDUL,J.
July 18, 2011 d/jo/
CO.APP.24-25/2010 Page 2of2
2011:DHC:10972-DB
JUDGMENT