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2008 (3) TMI 486 - HIGH COURT OF BOMBAYWinding up - Custody of company’s property - Held that:- The Official Liquidator shall examine the claim of each of the applicant herein and other security agencies whose claims are pending before him, keeping in mind the observations made hitherto; The Official Liquidator shall ensure that the assets (movable and immovable) of company in liquidation in respect of which there is no claim of any secured creditor and there is no impediment for sale of such assets, shall take steps to sell those assets forthwith by following necessary procedure and sale proceeds recovered from such sale shall be disbursed in accordance with law; In cases where the secured creditors have set up claims in respect of the assets of company in liquidation, the Official Liquidator shall call upon the secured creditors to deposit suitable commensurate amount towards security charges to be paid to the concerned security agency after due verification of its claim. In addition, if there is no impediment to sell the assets (movable/immovable) of such company in liquidation, the Official Liquidator may simultaneously ensure that the assets are put up for sale forthwith by following necessary procedure; In cases where the secured creditors of any company have instituted recovery proceedings before the DRT, the Official Liquidator shall forthwith move the concerned DRT praying for sale of the assets of the company and to invest the sale proceeds in suitable fixed deposit scheme to derive best returns thereon, which amount can be disbursed subject to such orders to be passed by the competent Court; Copy of this order be forwarded forthwith to the Secretary, Ministry of Company Affairs, Government of India for information and taking necessary action as may be advised in the light of observations made hereinbefore.
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