2010 (9) TMI 1308

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....any-in-liquidation-Punsumi India Ltd. (hereinafter referred as 'Company') which are in possession of the Official Liquidator so that the applicant-company may realize its outstanding dues by disposing of the property by public auction as provided under law. 2. It has been alleged that the applicant-company is one of the secured creditors who advanced loan to the company. 3. The Company Court passed an order on 23-5-2005 to wind up the Company-in-liquidation and appointed the Official Liquidator to takeover the charge of the company. 4. The applicant-company, being a secured creditor, filed Original Application No. 131/2004 before the Debts Recovery Tribunal, Jaipur for recovery of its dues which is pending. However, in the meanwhil....

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....ngs, this Court directed the Official Liquidator to submit status report of the Company. The status report has been submitted by the Official Liquidator after supplying copy of the same to the counsel for applicant-company. In Para No. 3 of the status report, the details of the outstanding dues of financial institutions/secured creditors of the Company have been furnished and it has been informed to this Court that except the RIICO, which is also a secured creditor, the applicant-company has submitted consent letters of all other secured creditors. The consent letters have been placed on record by the applicant-company as Annexures-8(i) to (iv). The IDBI Bank Ltd., Jaipur has given its consent in favour of the applicant-company as evident f....

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....t-company on payment of expenses incurred by the Official Liquidator and it has been informed that the expenses incurred by the Official Liquidator upto 30-9-2010 have been paid. Counsel for Official Liquidator further submits that whatever the sale proceeds may come of the assets of the company on being auctioned, it can be disbursed only after complying with provisions of sections 529 and 529A of the Companies Act and the same may be confirmed by this Court and the Official Liquidator may be associated in the proceedings which the applicant-company intends to take for disposal of the secured assets of the company. 11. There cannot be any dispute that the disbursement of the sale proceeds has to take place in terms of sections 529 and 5....