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TMI Blog2012 (6) TMI 532X X X X Extracts X X X X X X X X Extracts X X X X ..... cured creditors to transfer their respective sale proceeds to the Official Liquidator along with accrued interest thereon. 2. The respondents have appeared and filed their objection statement. The sale made by the first respondent is sought to be justified on the ground that the Debt Recoveries Tribunal at Mumbai in the proceedings before it, whereunder the Official Liquidator was also a respondent, had permitted the secured creditors to sell the property belonging to the Company-in-liquidation and as such, the applicant cannot object at this stage is the contention. Respondent No. 10 would however contend that they are not at all a necessary party to the instant application and they have no claim whatsoever against the company-in-liquidat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ise the amount. In the alternative, it is contended that the amount realised and appropriated by the secured creditors should be directed to be deposited with the Official Liquidator. 5. As already noticed, the contention of the respondents is that the sale has been made as permitted by the Debt Recoveries Tribunal and thereafter a transparent procedure has been followed whereby the Official Liquidator had also been notified and as such the issue of declaring the sale as null and void does not arise. Even otherwise, it is contended that the appropriation has been made at this Juncture to the entire extent inasmuch as the Official Liquidator has not put forth any claim relating to any other secured creditor or the workmen and employees of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e amount with the Official Liquidator. In this regard also, it is seen that the appropriation has been made immediately after the sale in the year 2004. The total amount realised from the sale is also indicated in the application at Rs. 4,49,42,198.86 ps. The said amount has been appropriated in the proportion as indicated against the name of each of the secured creditors as contained in paragraph 2(i) to (xi) of the application. Hence, at this juncture, when the total value of the assets realised is known to the Official Liquidator and the manner of appropriation by the secured creditors is also known, the question of the secured creditors redepositing the amount would arise only if the Official Liquidator entertains the claims in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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