https://www.taxtmi.com/caselaws?id=220706 During pendency of company liquidation, a secured creditor cannot use SARFAESI in a way that bypasses the company court and the official liquidator; the claims must be worked out within the liquidation framework. The text also notes that release of the balance auction amount to CBL was made subject to deductions for statutory dues, workers' dues, missing machinery and other contingent liabilities, with further liabilities to be adjusted on handover to the official liquidator. It further records that valuation expenses and ITCOT dues were treated as liquidation-related costs, to be borne through the liquidation process rather than by CBL personally. en-us Tue, 08 Jan 2013 00:00:00 +0530 Wed, 06 Feb 2013 08:06:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220706 During pendency of company liquidation, a secured creditor cannot use SARFAESI in a way that bypasses the company court and the official liquidator; the claims must be worked out within the liquidation framework. The text also notes that release of the balance auction amount to CBL was made subject to deductions for statutory dues, workers' dues, missing machinery and other contingent liabilities, with further liabilities to be adjusted on handover to the official liquidator. It further records that valuation expenses and ITCOT dues were treated as liquidation-related costs, to be borne through the liquidation process rather than by CBL personally. Case-Laws Companies Law Tue, 08 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220706