Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2008 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2008 (12) TMI 626 - GUJARAT HIGH COURTWinding up - praying for a direction to the Official Liquidator to regularise and execute sale document in favour of the applicant and not to transfer, alienate or deal in any manner with the said property - Held that:- It is true that AMCO Bank was the sole secured creditor. However, its dues are already paid off as stated by the applicant and is confirmed by Mr. Chudgar. However, that will not make the applicant entitled to claim the execution of sale deed in his favour on the basis of the agreement to sell which is absolutely illegal and unenforceable agreement. If the applicant has to recover any amount from the Growmore Solvent Ltd., and as per the scheme, if the liability is undertaken by Kengold (India) Ltd., and after the said company goes into liquidation, the only remedy available to the applicant is to lodge his claim before the Official Liquidator with proof of debt and the Official Liquidator, after satisfaction of the dues of the secured creditors and workers, if any surplus remains, in that case, the applicant's claim would be considered by the Official Liquidator along with others. Thus the relief prayed for by the applicant in the present application is not granted. The application is accordingly rejected. However, the applicant is permitted to lodge his claim with the Official Liquidator along with an affidavit as well as necessary proof of debt.
|