https://www.taxtmi.com/caselaws?id=114037 The court ruled in favor of the secured creditor, Bank of India, directing the official liquidator to remit Rs. 2 crores with interest from the sale proceeds of the company's assets in liquidation. The court held that the creditor's right to enforcement against security is distinct and not subject to discretionary considerations, rejecting the official liquidator's argument based on a Supreme Court decision. Emphasizing the exclusive jurisdiction of the Debts Recovery Tribunal, the judgment highlighted the importance of efficient debt recovery processes during liquidation and upheld the creditor's claim for payment. en-us Wed, 14 Jan 2009 00:00:00 +0530 Thu, 20 Nov 2014 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114037 The court ruled in favor of the secured creditor, Bank of India, directing the official liquidator to remit Rs. 2 crores with interest from the sale proceeds of the company's assets in liquidation. The court held that the creditor's right to enforcement against security is distinct and not subject to discretionary considerations, rejecting the official liquidator's argument based on a Supreme Court decision. Emphasizing the exclusive jurisdiction of the Debts Recovery Tribunal, the judgment highlighted the importance of efficient debt recovery processes during liquidation and upheld the creditor's claim for payment. Case-Laws Companies Law Wed, 14 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114037