2009 (2) TMI 468

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....Narang for the Applicant. Puneet Kansal and D.P. Ojha for the Official Liquidator. JUDGMENT C.A. No. 401 of 2008 Application allowed. Objections are taken on record. C.A. No. 907 of 2007 Application allowed. Exemption from filing certified copy of Annexure A-1 is granted. C.A. No. 908 of 2007 1. This application is filed under section 446 of the Companies Act seeking for direc....

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....SI Act and has issued a notice under section 13(2) of the said Act. The application is moved before this Court for actions proposed to be taken under section 13(4) of the Act, which empowers the secured creditors to, inter alia, take possession of the secured assets of the borrower including the right to transfer by way of lease, assignment or sale for realizing the secured asset. Although the sec....

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....w for the time being in force. The complementary nature of provisions of the SARFAESI Act, therefore, makes it clear that the powers of Company Court under section 446 of the Companies Act are not excluded but when a winding up order has been made or the Official Liquidator has been appointed as provisional liquidator, no other legal proceeding shall be commenced, or if pending at the date of the ....

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.... that sale of the property of company-in-liquidation would be undertaken by the IFCI in tandem with the powers enumerated under the Companies Act and the relevant rules to the Official Liquidator. The pre-eminent interest of the secured creditor to secure the best possible price for the assets by due publicity to the conduct of the sale after appropriate steps for getting the property valued canno....