Release of inventoried locker contents may be ordered subject to indemnity bond and undertaking where ownership is undisputed.

Inventoried locker contents may be released to a claimant where the Official Liquidator does not dispute ownership and the articles were already opened and recorded in the presence of the Official Liquidator and the Reserve Bank of India. The Court may require protective safeguards before delivery, including an indemnity bond and an undertaking not to dispose of the articles for a specified period and to produce them if directed. On those facts, release of the locker articles subject to conditions was warranted.

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Issues: Whether the applicant was entitled to receive the contents of the safe deposit lockers from the Official Liquidator subject to safeguards.

Analysis: The lockers had already been opened in the presence of the Official Liquidator and the Reserve Bank of India, and an inventory with minutes and annexures was placed on record. The Official Liquidator did not dispute the applicant's claim that the articles belonged to the applicant and his wife, and did not object to release of the articles subject to an indemnity bond and an undertaking not to dispose of the articles for one year and to produce them before the Court if required. In these circumstances, release of the inventoried articles with appropriate protective conditions was warranted.

Conclusion: The applicant was entitled to take possession of the locker articles, subject to execution of an indemnity bond and an undertaking to retain and produce the articles as directed.

Final Conclusion: The application was allowed with directions for delivery of the inventoried articles under protective conditions, and the matter stood disposed of.

Ratio Decidendi: Where the Official Liquidator does not dispute the claimant's entitlement to inventoried property in lockers, the Court may direct delivery of the articles subject to an indemnity bond and undertaking to preserve and produce them if required.

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