9911796707
TMI Blog2007 (9) TMI 418X X X X Extracts X X X X X X X X Extracts X X X X ..... t No. 2 herein under rule 9 of the Company Court Rules seeking that the land covered under plot Nos. 7, 8, 13, 14 and 15, UPSIDC Industrial Area No. 1, Sultanpur Road, Rai Bareli, Uttar Pradesh be released from attachment. On consideration of the said application and on perusal of records, the learned Single Judge allowed the same by giving detailed reasons with a direction that the Official Liquidator would release the aforesaid land in favour of the applicant-respondent No. 2 effective from 25-2-2003. 2. The appellant company is represented by its ex-President who has appeared in person and challenged the legality of the aforesaid order on the ground that respondent No. 2 had no locus standi to file the aforesaid application in the afore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the provisions of the UP Public Moneys (Recovery of Dues) Act, 1972. In the aforesaid auction, the property was purchased by PICUP. On 19-1-1990, PICUP sold/transferred the land to respondent No. 2 herein consequent upon which on 18-5-1992 UPSIDC, the lessor, cancelled the lease deed of the property executed earlier in favour of the company and issued a fresh lease deed in favour of respondent No. 2. 7. On 2-5-1995 the Company Court allowed the restoration application and the Company Petition was restored but effective only from 2-5-1995. The restoration application was not filed by any creditor but by Mr. G.P. Srivastava on behalf of the appellant company. 8. Some time in the month of August, 1996 and after the restoration of the afor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the meanwhile, as noticed above, PICUP, as secured creditor, purchased the property and further transferred to respondent No. 2. No objection or application was filed before the Company Court against the transfer. PICUP had already filed an affidavit before the Company Court stating that they have already initiated proceeding under the UP Public Moneys (Recovery of Dues) Act, 1972 and that it had first charge over the assets, both movable and immovable, present and future, plant and machinery of the appellant company. After dismissal of the petition, the appellant kept quite from 19-2-1986 till 28-9-1994 when an application for revival of the Company Petition was filed by none other than a Director of the respondent company before the Compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i.e., 28-9-1994 is relevant. By the said date the property of the appellant company had already been sold under UP Public Moneys (Recovery of Dues) Act, 1972, first to PICUP and thereafter by PICUP to respondent No. 2. Sale certificate in favour of PICUP, being the highest bidder, was issued on 15-11-1984. We may also state that PICUP was a secured creditor. Other creditors have not come forward and objected to the sale under the UP Public Moneys (Recovery of Dues) Act, 1972. The only objection raised against the transfer and sale made is by an ex-Director of the appellant company who claims to be representing the company. 13. In our considered opinion sealing of the property by Official Liquidator in the month of August, 1996 was not in a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facts also conclusively prove and establish that all judicial remedies available to the appellant to challenge the said sale of property were availed of and the prayers were rejected. As the aforesaid legal remedies were availed of and the sale of the property was upheld, the aforesaid proceeding resulting in sale of the property became final and binding. 16. There was default on the part of the appellant company in repayment of the debt to PICUP pursuant to which attachment order of the property was passed which is valid in the eye of law. The property was sold in public auction in terms of the provisions of UP Public Moneys (Recovery of Debts) Act, 1972 which has become final and binding and, therefore, the learned Company Judge was jus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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