1994 (2) TMI 250

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.... JUDGMENT V.K. Singhal, J. - This appeal has been filed under rule 164 of the Companies (Court) Rules, 1959, against the order dated August 29, 1991, passed by the official liquidator attached to this court by which the claim of the Rajasthan Financial Corporation was not allowed in respect of the following three items : (i)The claim of the appellant has been admitted as an ordinary claim i....

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....83. This claim was allowed as an ordinary creditor and the plea of the Rajasthan Financial Corporation that it was a secured creditor was not accepted. I have considered over the matter. So far as the question of considering the claim of the appellant as a secured creditor is concerned, the provisions of section 125 of the Companies Act provide that a charge has to be created and the instrument....

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....stody of the official liquidator. The compliance with the provisions of section 529 was also not made by the appellant. Besides this, in the resolution dated May 30, 1981, a four party agreement was required to be executed between the appellant, SBI, Government of Rajasthan, and the company. The agreement in accordance with the resolution dated May 30,1981, was not executed. Section 534 provides t....

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.... the charge was not created within 12 months preceding the commencement of winding up the appellant cannot claim to be a secured creditor. The movable and immovable properties of the company in liquidation were already having first charge in favour of the SBI and the Government of Rajasthan is also a guarantor and the second charge was created in favour of the guarantor. No document was produced b....