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2023 (7) TMI 1188 - DELHI HIGH COURTCorporate Liquidation and Asset Disposal - Seeking impleadment on account of being a necessary party in the current petition - sole and absolute owner of the properties - claim of the Applicant is that the land could fetch at least a sum of Rs. 75,000/- per month, but the Applicant has been unable to put the same to use in light of the possession by the OL. HELD THAT:- In the present case, the Provisional Liquidator was appointed in 2017. However, the winding up is not at an advanced stage. No auction has been conducted, no claims have been invited. Clearly the winding up process could consume considerable time. Accordingly, the present company petition is transferred to the NCLT. The entire record of the present petition shall also be remitted in the electronic form to the Registrar, NCLT, and the same shall be listed before the NCLT. All the parties appearing before the Court are also permitted to appear before the NCLT on 3rd August, 2023. The OL shall continue to exercise the control over all the properties of the Company under liquidation, subject to any orders that the NCLT may pass in future. Insofar as the securing of assets is concerned, the expenses incurred till 1st August, 2023 shall be paid by the OL. The same shall be reimbursed by SBI, and PNB by 14th August, 2023. SBI and PNB are free to claim the same as part of the debt against the Company. The NCLT shall pass appropriate orders to secure the assets. Until the NCLT passes appropriate orders regarding securing the assets, SBI and PNB shall bear the expenses of the security agencies. List before the NCLT 3rd August, 2023.
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