R.K. AGGARWAL Vs. OFFICIAL LIQUIDATOR & ORS.

JUDGEMENT

(1.) Allowed, subject to just exceptions and as per the extant rules.

(2.) The application is disposed of. CO.APP.10/2020, CM No.18562/2020 (for condonation of delay of 114 days in filing the appeal) & CM No.18564/2020 (for stay)

(3.) This appeal, under Section 483 of the Companies Act, 1956 read with Rule 9 of the Companies (Court) Rules, 1959, impugns the order dated 13th March, 2020 of the Company Court, allowing Company Application No.3550/2016 of respondent no.2 RIICO Ltd. for direction to the respondent no.1 Official Liquidator (OL) to hand over possession of secured assets of the company in liquidation i.e. Nirmal Steel and Tubes (I) Ltd. to respondent no.2 RIICO Ltd., in terms of Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act , 2002 and to permit respondent no.2 RIICO Ltd. to sell the secured assets by public auction under the provisions of SARFAESI Act and to distribute the sale proceeds in accordance with provisions of Section 529 and 529A of the Companies Act. The challenge to the order is made by the erstwhile Director of the company in liquidation i.e. Nirmal Steel Tubes (I) Ltd. namely Mr. R.K. Aggarwal.