JAYANTHI RAMACHANDRA EX CHAIRMAN OF VTX INDUSTRIES LTD Vs. OFFICIAL LIQUIDATOR AS LIQUIDATOR OF VTX INDUSTRIES LIMITED

JUDGEMENT

(1.) This common order will govern captioned two applications.

(2.) 'Vtx Industries Limited' (hereinafter 'said Company' for the sake of convenience) is the Company under liquidation in the main Company Petition, which was presented in this Court in 2013 and an order of winding up was passed by this Company Court on 23.06.2014. Thereafter, vide order dated 24.07.2015 made in Company Application No.792 of 2015, this Court directed the 'Official Liquidator attached to this Court' (hereinafter 'OL' for the sake of brevity and clarity) to take possession of said Company, pursuant to which OL took possession of the Registered Office/Factory premises of said Company on 07.08.2015.

(3.) To be noted, Respondents 1 to 5 are the same in captioned applications. Respondent No.1 is being referred to as OL, Respondent No.2, which this Court is informed, is a 'Asset Reconstruction Company', shall hereinafter be referred to as 'ARC' for the sake of convenience and clarity. Respondents 3 to 5 are three different Banks, namely UCO Bank, United Bank of India and Indian Overseas Bank respectively. There are as many as 10 immovable properties enlisted under the caption 'SCHEDULE OF PROPERTIES' in judge's summons to Company Application No.79 of 2020 and said schedule reads as follows: <FRM>JUDGEMENT_801_LAWS(MAD)9_2020_1.html</FRM>