Property release conditioned on secured creditor paying workmen's dues and security costs; related applications disposed of.

The official liquidator agreed to release the property subject to the secured creditor meeting any workmen's dues under Section 529A of the Companies Act and bearing the cost of security. On that basis, the report and the connected application seeking release of the property were disposed of. The order also noted that related proceedings had become infructuous, while fresh notice was directed in the remaining application and the matter was kept for further hearing.

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Issues: Whether the official liquidator's report and the connected application seeking release of the property could be disposed of upon the secured creditor agreeing to meet the liabilities of the workmen, if any, and the cost of security; and whether the pending application was rendered infructuous.

Analysis: The order records that the official liquidator agreed to the request for release of the property situated at A-2/2-25, Site B, Surajpur Industrial Area, Greater Noida, subject to IDBI Bank Ltd. meeting the liabilities of the workmen under Section 529A of the Companies Act, if any, as well as the cost of security provided to the property. On that basis, the report and the connected application were treated as having been disposed of. Other proceedings were also noted as infructuous, while fresh notice was directed in the remaining application.

Outcome: The report and connected application were disposed of in terms of the recorded conditions, and the remaining matter was listed for further hearing.

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