Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2016 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (5) TMI 909 - HC - Companies LawRecovery of Debts Due - provision for the recovery of debts - sale of property - Held that:- The present application are not at all the workmen of the company-in-liquidation. They are the legal representatives of one Sri N.B. Rukmangada, who was the director of the company-in-liquidation, who furnished guarantee to the financial institution when the company borrowed the loan from the said financial institution. After the demise of the said Sri N.B. Rukmangada, the guarantor, the present applicants claiming to be his legal representatives have filed the present application. The official liquidator had also appeared before the recovery officer in the case on hand, and he had also filed his statement while arguing on these applications. The official liquidator also made submission that in the above referred reported decisions, the interest of the workmen was involved but here in the case on hand, it is not so, because the applicants claiming to be the legal representatives of the said Sri. N.B. Rukmangada have no concern with the company in liquidation. So this goes to show that notice has been already given by the DRT to the official liquidator and he has been heard in the matter. Even according to the decision relied upon by the learned counsel for the applicants the relevant paragraphs are referred above. There is no bar for the DRT to proceed with the sale of the property. But before conducting such sale of the property, the official liquidator has to be heard in the matter. As I have already observed above, official liquidator has already appeared before the DRT and he has been heard. As the applicants has not availed the statutory remedies available to them under Recovery of Debts Due to Banks and Financial Institutions Act, 1993 there are no reasons forthcoming in the applications also as to why they have not availed such statutory remedy before the filing the present applications. As I have already observed above that official Liquidator was notified about the proceedings he appeared in the matter before the DRT and the applications herein are also not from the Workmen/Employees of the Company in Liquidation and there is no allegation from the Official Liquidator that the recovery officer is conducting the sale of the property without his consultation and without hearing him. Therefore, looking to the facts and circumstances of the case on hand, and the facts and circumstances in the reported decisions relied upon by the learned counsel for the applicants, which are referred above they will not come to the aid and assistance of the applicants case in getting the orders to set-aside the judgment passed by the Debt Recovery Tribunal and to set-aside the orders passed by respondent No.2 and also to stay the execution/recovery proceedings pending before respondent No.2
|