TaxTMI 
TaxTMI 
TaxTMI 
2008 (2) TMI 623
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....icant-bank as security towards the credit facilities. (B) Your Lordships may be pleased to further hold and declare that, by virtue of the said charge being created by the said persons, the applicant-bank has become the sole secured creditor of the company (in liquidation) qua the subject property and this hon'ble court may be pleased to further direct the official liquidator to transmit the sale proceeds, if any, qua the subject property to the applicant-bank to be appropriated towards the outstanding dues of the company (in liquidation). (C) Pending the admission and final disposal of the present application, your Lordship may be pleased to restrain the official liquidator from executing sale deed or any other document conveying the subject property in favour of the successful bidder, if any, or any other party. An affidavit is filed by K.S. Kavina, as Manager (recovery) of the applicant-bank in support of the judge's summons. After filing this application, the applicant-bank has prayed for impleading Suresh Dhansiram Agrawal and Jagrut Jantilal Bhagdev as party respondents. Accordingly, the court has granted leave to join Suresh Dhansiram Agarwal and Jagrut Jantilal Bhagdev a....
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....plicant-bank. This court has also imposed a condition directing the accused to execute all necessary documents, including the power of attorney and other documents as may be desired by the bank for the purpose of creating charge over the properties of the accused, which were to be given as security to the applicant-bank. Mr. Chudgar has further submitted that pursuant to the said order of this court, Mr. Agarwal executed a power of attorney dated April 16, 2004, in favour of the applicant-bank for the subject property. The director of the company in liquidation, namely, Jagrut Jayantilal Bhagdev, has also executed an irrevocable power of attorney dated September 4, 2001, for the property in question, in his capacity as such, as security against obtaining the credit facilities from the applicant-bank. He has further submitted that from the irrevocable power of attorney dated September 4, 2001, executed by respondent No. 3, it appeared that the said power of attorney has been executed by him in capacity of director of the company. He has also stated that he has been authorised by the board of directors of the company to execute such power of attorney. He has also averred that the su....
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....r has further submitted that subsequent to filing of this application the applicant-bank has also filed an appeal before the court challenging the order passed by the official liquidator whereby the applicant's claim regarding secured creditor was rejected by him. This application/appeal was decided by this court on February 19, 2008, whereby this court has issued certain directions to the official liquidator to allow the applicant-bank to participate in the sale proceeding and all other legal proceedings qua the property in question. He has further submitted that the applicant-bank is also contemplating to file an application before the Company Law Board under section 141 of the Companies Act, 1956. Since, the applicant-bank's charge was not got registered under section 125 of the Companies Act, 1956, an application was required to be filed before the Company Law Board. He has, therefore, submitted that in view of the order passed by the court on February 19, 2008, at this stage, the present application does not survive and ultimately the status of the applicant-bank will be decided on the basis of outcome of the Company Law Board on the applicant-bank's application. He has furthe....
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....tioned as director in Navrang Synthfab Pvt. Ltd., with effect from September 1,1998. He has further submitted that there was no promotion but to fill in the vacancy in the group companies as per the requirement of the Companies Act, 1956, he was under compulsion to accept it. He has further submitted that respondent No. 3 had submitted several documents as per instruction of Suresh Agarwal to many of the Government and other officials including the applicant-bank. He has further submitted that the company vide its letter dated August 29, 2000, handed over all the original papers of land at Sanand and the title of the land was verified by the bank officials and was clear from the entire encumbrance, etc., on the date of handing over of the property. He has further submitted that the bank wanted irrevocable power of attorney for the purpose of sale of the property, because of the heavy pressure to file M's case against respondent No. 3 by the bank and pressure by Suresh Agarwal he has signed the irrevocable power of attorney, which was prepared by the bank. He has, therefore, submitted that respondent No. 3 has no option but to sign the papers though he was not in employment in the s....