Legal Reference Library

In A. Talukdar & Company (Fertilizer) Private Limited Vs. Respondent: The Official Liquidator, High Court of Calcutta and Ors., the Hon'ble Supreme Court said that If an order to wind up a company is recalled and the company is revived, it is entitled to get back from the official liquidator its entire assets. Tenants who occupied the premises during the proceedings shall go out. The company court can evict them.

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...

Madras High Court Asset Reconstruction vs The Official Liquidator on 18 April, 2006 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 18/04/2006 CORAM THE HON'BLE MR.A.P.SHAH, CHIEF JUSTICE and THE HON'BLE MR. JUSTICE M.JAICHANDREN O.S.A.No. 214 of 2005 and O.S.A.No.215 of 2005 and C.M.P.Nos.15340 to 15343 of 2005 Asset Reconstruction Company (India) Limited, Rep. by its Vice President, 17th Floor, Express Towers, Nariman Point, Mumbai 400 021. ..Appellant in both the appeals. -Vs- The Official Liquidator, High Court, Madras as the liquidator of SIV Industries Ltd. (in liquidation) ..Respondent in both the appeals. PRAYER: Original Side Appeals filed under Order 36 Rule II of O.S. Rules read with Clause 15 of the Letters Patent against the order of the learned single Judge dated 05.07.2005 made in Company Application Nos.712 and 713 of 2005 in C.P.No.17 of 2004. For Appellant :: Mr.A.L.Somayaji, Senior Counsel For M/s.Rangarajan ...