TMI Blog2023 (3) TMI 1079X X X X Extracts X X X X X X X X Extracts X X X X ..... SARFAESI Act have been sold; the immovable asset of the company is under acquisition; and the assets are insufficient to meet the company s liabilities. There are no error in the impugned order - appeal dismissed. - CO.APP. 6/2023 & CAV 145/2023, CM APPL. 13906/2023 & CM APPL. 13907/2023 - - - Dated:- 22-3-2023 - HON'BLE MR. JUSTICE VIBHU BAKHRU AND HON'BLE MR. JUSTICE AMIT MAHAJAN For the Appellant Through: Mr. Deepk Biswas, Mr. Manohar Malik, Mr. Prateek Chauhan Ms. Varsha Aggarwal, Advs For the Respondents Through: Ms. Ruchi Sindhwani, SSC with Ms. Megha Bharara, Adv. for OL. Mr. Dinkar Singh Mr. Rohit Singh, Advs. for R4.. VIBHU BAKHRU, J. 1. The appellant has filed the present intra-court appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said facts recorded in the impugned order which read as under:- 4. The Court has considered the aforenoted contentions. Before adverting to the issue at hand, it would be apposite to briefly take note of the preceding proceedings/facts: 4.1 On 10thJune, 1999, the Company filed a reference before the Board for Industrial and Financial Reconstruction [ BIFR ] under Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 [ SICA ] 2 . The BIRF declared the Company as a sick company vide order dated 11th November, 1999. 4.2 In light of BIRF s recommendation under Section 20(1) of SICA dated 13th February, 2003, the Court directed winding up of the Company and appointed the Official Liquidator [ OL ] as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n favour of Allahabad Bank and against the Company, including Applicant herein, for recovery of Rs. 6,51,54,168/- with interest. 4.7 By way of Assignment Deed dated 27th September, 2013, Allahabad Bank assigned debt of the Company to Pegasus, who was later substituted as a party.4 Subsequent thereto, Pegasus took possession of the Company s entire assets and undertook further steps for sale thereof. 5. After taking note of the aforesaid course of events, the learned Company Court concluded that irreversible steps had been taken for winding up of the company; therefore it was not apposite to transfer the winding up proceedings to the National Company Law Tribunal. 6. There is no dispute that the winding up proceedings have been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pondent no.4 states that the said assets were sold on 14.03.2023 and a sale certificate had already been issued. 10. The learned Company Court had also noted that the assets available are insufficient to meet the liability of the company to respondent no.4. 11. It is also apparent from the events that had transpired that the winding up proceedings had progressed to an irreversible stage. 12. The principal contention, advanced by the appellant, is that there is a possibility that proceedings for acquisition of land acquired by the Haryana Government may be dropped and the said land could be released. The learned Company Court had not found it apposite to proceed on the said assumption as it was without any basis. 13. The learned ..... X X X X Extracts X X X X X X X X Extracts X X X X
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