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TMI Blog2015 (1) TMI 1269X X X X Extracts X X X X X X X X Extracts X X X X ..... mption from filing certified copies of Annexures A-1 and A-2. The applicant is exempted from filing certified copies of Annexures A-1 and A-2. The application stands disposed of. CA Nos. 512/2013, 149 and 363/2014 The prayer made in CA No. 512 of 2013 filed by the applicant- UV Asset Reconstruction Company Limited (for short, 'the Asset Reconstruction Company') is for substitution as respondent no. 2 in place of IFCI, as the entire debt of the company in liquidation has been assigned by the IFCI to the applicant vide Assignment Agreement dated 8.7.2013 (Annexure A-2). The prayer made in CA No. 363 of 2014 filed by the applicantthe Asset Reconstruction Company is for issuance of a direction to the Official Liquidator to hand over ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nstruction and Securitization Company Limited vs AIR Liquide North India Private Limited and others (2009) 152 Comp Cas 604 (P&H), CWP No. 13233 of 2012 titled as Rita Machines (India) Limited vs Debt Recovery Appellate Tribunal and others, decided on 30.9.2013, Pegasus Asset Reconstruction Private Limited vs Haryana Concast Limited (2009) 152 Comp Cas 215 (P&H), AIR Liquide North India Private Limited vs Haryana Steel and Alloys Limited (2009) 152 Comp Cas 599 (P&H), Kotak Mahindra Bank Limited vs Coventry Coil-O-Matic (Haryana) Limited and another (2011) 105 SCL 274 (P&H) and judgment of Bombay High Court in Deutsche Bank AG vs Vilas Samant and others (2009) 152 Comp Cas 609 (Bom). In CA No. 149 of 2014 filed by the applicants -sharehold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FCI, the application for substitution is allowed and the applicant - UV Asset Reconstruction Company Limited is directed to be substituted as party in place of IFCI as a secured creditor. Memo of parties be corrected accordingly. The issue as to whether assignee of a secured creditor in terms of Section 5(1)(b) of the SARFAESI Act, who steps into the shoes of secured creditor has a right to stand outside the winding up proceedings and still bring the properties mortgaged to sale, was considered by this Court in Pegasus Asset Reconstruction Private Limited's case (supra), wherein the following directions were given:- "If any attempt to harmonize the provisions of the SARFAESI Act and the Companies Act could be made, in the content of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion company shall place before the company court the details of its claim and all expenses incurred before the company court, before making any appropriation to itself and disbursed. (f) The surplus proceeds over what is lawfully due to it shall be deposited to the credit of the company (in liquidation) before the official liquidator. The application filed by the reconstruction company and other connected application are disposed of in the above terms." The aforesaid judgment was followed in AIR Liquide North India Private Limited's case (supra), which was upheld in appeal by this Court in Dhir and Dhir Asset Reconstruction and Securitization Company Limited's case (supra). Considering the aforesaid enunciation of law, in my op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... properties sold. As far as claim of liquidation expenses by the Official Liquidator is concerned, learned counsel for the Asset Reconstruction company has stated that entire amount claimed shall be paid, however, it is directed that the Official Liquidator shall provide the vouchers in support of the claim for the amount paid for valuation of the assets for sale and also for payments made to the security agencies. The amount claimed by the Official Liquidator be paid within one month. The possession of the assets of the company in liquidation be handed over by the Official Liquidator to the Asset Reconstruction company as early as possible with notice to the shareholders. The inventory of the fixed and moveable assets shall be prepared at ..... X X X X Extracts X X X X X X X X Extracts X X X X
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