2021 (2) TMI 1386

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....GH COURT - HC (Judgement / Order / Decisions)<br>Dated:- 25-2-2021<br>Company Application Nos. 199/2019 and 260/2019 in Company Petition No. 199/2010 - -<br>Indian Laws<br>THE HON'BLE MR. JUSTICE S. SUNIL DUTT YADAV For the Appellant : Sri P. Sreenivasaiah, Advocate For the Respondent : Sri Jagadeeshgoud Patil, Advocate ORDER C.A.No.199/2019 has been filed the Official Liquidator seek....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cts that the Company in liquidation was a borrower from Bank of India. It is further submitted that under an Assignment Agreement dated 17.11.2017, the applicant in C.A. No.260/2019 had acquired debts of the Company in liquidation from Bank of India. As regards rights for recovery of such debts from the company in liquidation, the company has been ordered to be wound up as per the order dated 12.0....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ecurity Interest Act, 2002 (for short &#39;the SARFAESI Act&#39;) provides for a separate procedure, the same would override the general procedure and accordingly, the assignee from the Bank of India is to be permitted to stand outside the winding up proceedings and proceed against the secured assets in its possession. 6. The Official Liquidator in their application - C.A. No.199/2019 has submi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f Bank of India is notified with the Registrar of Companies at the first instance on 11.12.2004 and is modified. 9. Insofar as the assignment in favour of the applicant in C.A. No.260/2019, admittedly such assignment has been made on 17.11.2017. The assignment is an internal transaction between the Bank of India and the assignee. If the creation of charge by the Bank of India is taken note of, ....