https://www.taxtmi.com/caselaws?id=108881 A company in liquidation remains in the custody of the Company Court under the Companies Act, 1956, so its assets cannot be transferred out for execution merely because a secured creditor holds a Recovery Certificate from the DRT. The DRT recovery framework under the 1993 Act operates through the Recovery Officer and the prescribed statutory procedure, and the creditor cannot compel the Company Court to hand over liquidation assets to that mechanism. If money realised from property already in the Court's custody is involved, the Recovery Officer may seek appropriate directions from the Court, but not transfer of the assets themselves. The creditor's application was therefore not maintainable. en-us Tue, 08 Oct 2002 00:00:00 +0530 Wed, 04 Apr 2012 13:28:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108881 A company in liquidation remains in the custody of the Company Court under the Companies Act, 1956, so its assets cannot be transferred out for execution merely because a secured creditor holds a Recovery Certificate from the DRT. The DRT recovery framework under the 1993 Act operates through the Recovery Officer and the prescribed statutory procedure, and the creditor cannot compel the Company Court to hand over liquidation assets to that mechanism. If money realised from property already in the Court's custody is involved, the Recovery Officer may seek appropriate directions from the Court, but not transfer of the assets themselves. The creditor's application was therefore not maintainable. Case-Laws Companies Law Tue, 08 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108881