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Deepak Casting Ltd. Versus OL

2016 (7) TMI 766 - RAJASTHAN HIGH COURT

Winding up orders - Held that:- The applicant company is entitled to stay outside winding up and realize of the mortgaged assets of the company in winding up as per the Act of 2002. It is however directed that the official liquidator as a representative of the workers of the company in liquidation would be associated with the sale of the immovable assets of the company in winding up-now in possession with the applicant-company under the Act of 2002. The applicant company should inform the offici .....

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IDBI the secured creditor of M/s. Deepak Casting Limited under the Secrutisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (hereinafter the Act of 2002 ) to realize the secured assets of the company in liquidation under the winding up order dated 14.08.2015 in S.B. Company Petition No.21/2014 and keep outside the winding up proceedings. On reference by BIFR, the M/s. Deepak Casting Limited was wound up by the order of this Court passed on 14.08.2015. .....

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15 by the applicant as its assignee in terms of the Act of 2002. Since then the applicant-company has been in actual and physical possession of these secured assets. It has been submitted that since the applicant company has already proceeded under the Act of 2002, this Court allow it to proceed with the sale of the immovable assets mortgaged with SIDBI under the provisions of the Act of 2002. It has been submitted that as mandated by Section 13 (9) of the Act of 2002, the applicant company woul .....

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of 1956 ) qua the said assets. Under the circumstances, it has been prayed that the applicant company be allowed to reliaze the secured assets of the company in winding up through the process of the Act of 2002. Reliance has been placed by the Apex Court in case of Pagasus Assets Reconstruction P. Ltd. Vs. Haryana Concast Limited & Ors., (MANU/SC/1489/2015) in support of the contentions. Mr. Gaurav Sharma appearing alongwith the O.L. admits to the legal position that in respect of mortgaged .....

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