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2021 (9) TMI 90 - HC - Insolvency and BankruptcyRecovery of dues from PSU - Seeking directions for payment of the dues of the company which was deposited as security deposit, along with interest - Writ Court is being used as a forum for recovering dues which, according to the Petitioner, are admitted - seeking an extraordinary remedy of recovery against the Union of India on the ground that HPCL is a PSU - HELD THAT:- Admittedly, the claims of the Petitioner have already been filed before the Liquidator. In so far as the security deposit is concerned, the question as to whether the said amount would have to be treated as one which is held in trust by the company is a question which would be considered by the liquidator. If the Petitioner-company is, in any manner, aggrieved by the opinion of the liquidator, it is free to challenge the same before the appropriate forum i.e., the NCLT and avail of its remedies in accordance with law. The question as to whether a PSU ought to be revived or not is a question of policy. In the opinion of this Court, just because there are dues which are liable to be paid by the PSU it cannot be said that each and every PSU which is fully controlled by the Government would have to be revived or that the Government ought to pay the dues of the PSU. The PSU would have its own independent existence. In a writ petition which is seeking recovery of amounts, the Court cannot direct the Union of India to revive the Company. The scope of this writ petition is limited. If the Petitioner wishes to raise this as a legal issue, it may avail of its remedies in accordance with law. Since the liquidation process is underway and some assets of the Petitioner-company are stated to have been advertised for sale, upon any amount being recovered from the sale of the assets, the Petitioner-company is free to approach the liquidator for taking a view in respect of the amounts due, including the Security deposit, in accordance with the provisions of the IBC - Petition disposed off.
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