2010 (5) TMI 403

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....r the Applicant. K.N. Subramani for the Respondent. ORDER 1. The Official Liquidator representing the applicant company-in-liquidation has presented this application to direct respondent Nos. 1 to 7, the Secured Creditors to hand over title deeds of the properties of the company and to extend time by two months to execute the sale deed. 2. According to the applicant C.A. No. 124/2009 and ....

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....ssigned the debts to M/s. International Asset Reconstruction Company (P.) Ltd., Mumbai and M/s. Invent Assets Securitisation & Reconstruction (P.) Ltd., Mumbai. The Secured Creditors having not cooperated in handing over the original title deeds, hence this application. 3. Respondent Nos. 1 and 7 are represented by M/s. Khaitan and company, learned counsel, while 3rd respondent by Sri K.N. Subr....

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....ing assigned their debts, letters of consent are awaited from the assignees. In addition, it is stated that though the 7th respondent has assigned its rights in favour of M/s. SME Asset Reconstruction Company Limited nevertheless accords its consent to handover documents to the Official Liquidator subject to setting apart 25 per cent of the sale proceeds on pari passu basis to meet the dues of the....

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.... unrepresented despite service of notice, while 3rd respondent though served and represented, none have opposed the application by filing statement of objections. 6. In the circumstances, the 1st respondent is directed to handover the documents of title in respect of immovable property belonging to the company-in-liquidation to the Official Liquidator forthwith. The Official Liquidator is direc....