2006 (5) TMI 205

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..... . The order dated 16-10-2001 of the Recovery Officer, Debt Recovery Tribunal, Jaipur (for short 'DRT') is under challenge in the instant application. 2. A Company, Rajasthan Woollen Limited was directed to be wound up by this Court vide order dated 18-9-1987. During the pendency of the winding up proceedings the Official Liquidator (for short 'OL') realised for sum of Rs. 6,57,635.65 from the sal .....

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..... as held that every creditor has a right to appropriately get the share of sale proceeds. Reliance is also placed on International Coach Builders Ltd. v. Karnataka State Finance Corpn. [2003] 10 SCC 4821 and B. Shoes Ltd. v. Indian Overseas Bank [Special Leave to Appeal (Civil) No. 3636 of 2003, order dated 14-11-2003]. 5. Per contra learned counsel for the respondent-Bank canvassed that section 3 .....

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