2013 (9) TMI 1315

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....yable to the State Bank of India. In an earlier application taken out by the State Bank of India, the Court directed the Official Liquidator to pay an adhoc payment of Rs.2 Crores and odd. The Court further directed the Official Liquidator to adjudicate the claims of the workers of the tea estates belonging to the company in liquidation. The Official Liquidator has, in fact, adjudicated the claim and disclosed the same in affidavit in opposition filed to this application. 2. The State Bank took an exception to the adjudication of the claim by the Official Liquidator as its claim was not kept in paripassu with the claims of the other secured creditors in respect of the money realized on account of plants and machineries and other landed p....

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....ent dated 5th March, 1990 which was entered into by the company (in liquidation) and the bank. The reading of the aforesaid document does not suggest that there was any creation of a charge and/or mortgage in respect of the immoveable property of the company (in liquidation) or its plants and machineries. The charge which was registered with the Registrar of Companies annexed to the supplementary affidavit also does not indicate the creation of charge over the landed properties as well as plants and machineries. 8. Part-5 of the Companies Act which deals with the registration of charges contains sections 124 to 145 dealing with the nature and procedure as well as declaration of the charge to be void. Section 124 of the said Act defines t....

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....fer of Property Act. 11. As indicated above, the agreement for mortgage does not contend any manifest intention of the parties to create any interest in respect of the immovable properties as well as the plants and machineries of the tea garden nor does it reflect that any charge was created thereupon. 12. This Court, therefore, does not find that the Official Liquidator has committed any illegality in adjudicating the claims keeping the bank excluded in respect of an amount realized from the immovable properties and the plants and machineries of the company in liquidation. 13. It is to be recorded that though such a dispute was not intended to be raised in the application as there is no prayer made by the bank but the respective p....