In Pegasus Assets Reconstruction P. Ltd. ..Appellant vs M/s. Haryana Concast Limited & Anr. ...Respondents This matter raised a common issue of law: Whether a Company Court, directly or through an Official Liquidator, can wield any control in respect of sale of a secured asset by a secured creditor in exercise of powers available to such creditor under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity the SARFAESI Act), arises in all these matters which have been heard together and shall be governed by this common judgment. The rival contention and case laws were noted for framing the main question of law in the following words : - Whether the Company Court enjoys jurisdiction to issue supervisory direction to a securitization company/ secured creditor in connection with a company in liquidation or under winding up in the face of Section 13 of the SARFAESI Act or securitization company opting to stand outsi...
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Supreme Court of India Official Liquidator High Ct.Of ... vs Allahabad Bank & Ors on 12 March, 2013 Author: D Misra Bench: H.L. Dattu, Dipak Misra IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 2511 OF 2013 (Arising out of S.L.P. (C) No. 35627 of 2011) The Official Liquidator, U.P. and Uttarakhand ... Appellant Versus Allahabad Bank and others J U D G M E N T Dipak Misra, J. Leave granted. 2. The spinal issue that has spiralled to this Court is whether the Company Judge under the Companies Act, 1956 (for short the 1956 Act) has jurisdiction at the instance of the Official Liquidator to set aside the auction or sale held by the Recovery Officer under the Recovery of Debts due to B...