https://www.taxtmi.com/caselaws?id=111302 In company liquidation, sale proceeds already in the Official Liquidator's custody remain subject to the company court's supervisory control and the Companies Act winding-up provisions. The Recovery Officer under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 cannot compel direct transmission of those proceeds from the Official Liquidator without using the statutory mechanism under section 28(4). The principle in Allahabad Bank was confined to monies realised under the 1993 Act and did not authorise takeover of liquidation funds already under the company court's control. The result is that recovery from such monies must be pursued through the prescribed application procedure, with liquidation priorities left under court supervision. en-us Tue, 18 Sep 2007 00:00:00 +0530 Fri, 26 Dec 2014 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111302 In company liquidation, sale proceeds already in the Official Liquidator's custody remain subject to the company court's supervisory control and the Companies Act winding-up provisions. The Recovery Officer under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 cannot compel direct transmission of those proceeds from the Official Liquidator without using the statutory mechanism under section 28(4). The principle in Allahabad Bank was confined to monies realised under the 1993 Act and did not authorise takeover of liquidation funds already under the company court's control. The result is that recovery from such monies must be pursued through the prescribed application procedure, with liquidation priorities left under court supervision. Case-Laws Companies Law Tue, 18 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111302