https://www.taxtmi.com/caselaws?id=113565 A secured creditor enforcing security under SARFAESI against a company in liquidation cannot conduct the sale and appropriate the proceeds without the Company Court's supervisory directions or association of the Official Liquidator. Section 13(9) preserves the liquidation distribution mechanism and requires sale proceeds to be dealt with in accordance with section 529A of the Companies Act, so the statutory scheme does not exclude the Company Court where liquidation is pending. The factual finding that the plant and machinery were hypothecated to HSIIDC was unsupported on the record and was ordered to be deleted, but that correction did not alter the main position on liquidation rights and supervision. en-us Tue, 15 Dec 2009 00:00:00 +0530 Mon, 20 Oct 2014 15:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113565 A secured creditor enforcing security under SARFAESI against a company in liquidation cannot conduct the sale and appropriate the proceeds without the Company Court's supervisory directions or association of the Official Liquidator. Section 13(9) preserves the liquidation distribution mechanism and requires sale proceeds to be dealt with in accordance with section 529A of the Companies Act, so the statutory scheme does not exclude the Company Court where liquidation is pending. The factual finding that the plant and machinery were hypothecated to HSIIDC was unsupported on the record and was ordered to be deleted, but that correction did not alter the main position on liquidation rights and supervision. Case-Laws Companies Law Tue, 15 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113565