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2020 (11) TMI 26 - HC - Companies LawRecovery of outstanding dues - Possession of the immovable property - permission to complete the process of sale of the said immovable properties under the provisions of the section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 - permission to continue with the actions taken under the provisions of Sections 13 and 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. HELD THAT:- The concern raised by the Official Liquidator with respect to the provisions of Section 529-A of the Companies Act, 1956, it is required to be noted that the said aspect has also been taken care of by the aforesaid principle. Therefore, in view of the principle laid down by the Apex Court in Pegasus Assets Reconstruction Private Limited vs. Haryana Concast Limited and Another [2015 (12) TMI 1472 - SUPREME COURT], the applicant - Company is permitted to continue with the auction process under the provisions of Sections 13 and 14 of the SARFAESI Act, 2002 concerning the secured assets. The applicant - Company is permitted to continue with the action, as laid down under proviso to sub-section (4) of Section 13 of the SARFAESI Act, 2002. Application allowed.
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