(1.) In this case the Official Liquidator has challenged the saleof certain properties of the Company in respect whereof Official Liquidator hadbeen appointed as the Provisional Liquidator, purported to have been affected byDelhi Financial Corporation Limited (hereinafter referred to as "the DFC") inexercise of its powers under Section 29 of the State Financial Corporations Act.
(2.) After the arguments, I was informed that similar controversy is pendingdecision by the Hon'ble Supreme Court and I should await the outcome thereof.Now Counsel have pointed out that the Hon'ble Supreme Court has since decidedthe matter in the case of Industrial Credit and Investment Corporation of India Ltd.v. M/s. Srinivas Agencies & Ors., reported as 1996 (3) Supreme 40. Mr. Nayar,Counsel for the Official Liquidator, concedes that the controversy before theHon'ble Supreme Court was not identical with the questions arising in the presentcase as would appear from the discussion appearing hereinafter.
(3.) Briefly stating the facts of the case are as under :