TMI Blog2002 (10) TMI 692X X X X Extracts X X X X X X X X Extracts X X X X ..... ell the assets of the company as per the order of the B.I.F.R. dated 12-9-2001 and in the second Company Application, praying to permit the Assets Sales Committee as constituted by the B.I.F.R. by its order dated 12-9-2001 to sell the assets of the company as per the guidelines of B.I.F.R. through public advertisement and permit the said Committee to deposit the net sale proceeds into this Court for distribution as per section 529A of the Companies Act, 1956. In the affidavit filed in support of the Company Application No. 313 of 2002 above, the applicant Bank would submit that the company was declared sick industry under section 3(1)( o ) of Sick Industrial Companies (Special Provisions) Act, 1985 and the I.D.B.I. was appointed as Operat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ank to sell the assets of the company as constituent of Assets Sales Committee as per the order dated 12-9-2001 passed by B.I.F.R.; that without leave of this Court, being a secured creditor, the interest of the applicant-Bank would be jeopardised regarding the sum of Rs. 5,048 lakhs. On such grounds, the applicant in C.A. No. 313 of 2002 would pray for the relief of grant of leave to sell the assets of the company as per the orders of the B.I.F.R. dated 12-9-2001. 3. So far as the second application in C.A. No. 314 of 2002 is concerned, the applicant Bank would submit that it sanctioned various working capital facilities to the company in liquidation but the company committed default on the account became a Non-Performing Asset and app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orm the matter to the Board and on receipt of the adverse report from I.D.B.I., the Bench would order the concerned D.M. to take over the assets of the company and hand them over to the Indian Bank, the designated agency." 5. The applicant further stating that as per the directions of the B.I.F.R., the Assets Sales Committee has been constituted and the Bank also appointed the Chartered Valuer and Chartered Accountant for taking inventories of the assets of the company but since on 13-12-2001, this Court was pleased to order winding up of the company, appointed the Official Liquidator as Provisional Liquidator to take charge of the company and its affairs. On the strength of this direction, the Official Liquidator by his proceedings dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tee to sell the proceeds of the Company in accordance with the directions of the B.I.F.R. has not been given effect to with positive reply, the present application is filed for necessary directions as extracted supra. 7. Though, no counter has been filed on the part of the respondents in both the above applications, the learned Official Liquidator would appear and argue the case on behalf of the second respondent and therefore, a decision has to be taken in consideration of the pleadings of both the Company Applications, having regard to the materials placed on record and upon hearing the learned counsel for both. 8. During the arguments, learned counsel appearing on behalf of the applicant-Bank in both the above Company Application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Indian Bank to bring the properties for sale? That the Official Liquidator already wrote to the Indian Bank by letter dated 22-3-2002 addressed to the Chief Manager that the order of appointing Assets Sales Committee dated 12-9-2001 says that when the properties are brought for sale, the sale proceeds shall be deposited for distribution as per section 529A of the Companies Act; that this order of appointing the Committee is still in force and valid; that the Official Liquidator should not delay the process of bringing properties for sale. On such arguments, the learned counsel for the applicant would seek the relief prayed for in the above Company Applications. 9. In reply, the learned Official Liquidator would argue to the effect tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt-Bank wants to independently bring the assets of the company for sale and would see the presence of the Official Liquidator a hindrance for them whereas the learned Official Liquidator who has been appointed the Provisional Liquidator to take charge of the company and its assets as per the orders of this court dated 13-12-2001 seems to have gained control over the properties and in a further order of this Court dated 14-3-2002 also, that is after the filing of the above Company Applications, this Court had, subsequently directed the Official Liquidator to take steps to bring the properties for sale within a period of one week. Under these circumstances, it is not at all necessary on the part of this Court to again cause any interference i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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