2016 (7) TMI 766

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....R The matter comes up on an application at the instance of one India SME Asset Reconstruction Co. Ltd., an assignee of SIDBI the secured creditor of M/s. Deepak Casting Limited under the Secrutisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (hereinafter "the Act of 2002") to realize the secured assets of the company in liquidation under the winding....

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....e then the applicant-company has been in actual and physical possession of these secured assets. It has been submitted that since the applicant company has already proceeded under the Act of 2002, this Court allow it to proceed with the sale of the immovable assets mortgaged with SIDBI under the provisions of the Act of 2002. It has been submitted that as mandated by Section 13 (9) of the Act of 2....

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....gasus Assets Reconstruction P. Ltd. Vs. Haryana Concast Limited & Ors., (MANU/SC/1489/2015) in support of the contentions. Mr. Gaurav Sharma appearing alongwith the O.L. admits to the legal position that in respect of mortgaged assets of a company to a secured creditor, resort to the Act of 2002 being taken by the secured creditor or its assignee the company court has to eschew its hands even i....