NAGINDAS K. & BROS. Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) THE appeal arises from a judgment and order of a learned Single Judge in a company application that was moved by the Appellant for recalling an earlier order dated 12 February 2013 of the Company court.

(2.) M /s. Rajen Textile Private Limited, a company which is now in liquidation, mortgaged its leasehold rights in respect of the land bearing block Nos.399 to 403, 405 and 427 situated at village Barshi, District Solapur in favour of the Central Bank of India. The company went into liquidation on 27 June 1984. Central Bank of India, which was one of the secured creditors, instituted a suit in 1986 before this Court for the recovery of its dues. A decree was passed in favour of the Central Bank on 30 November 1996. Amongst the securities furnished to the Central Bank was a mortgage of the leasehold rights held by the company. On 11 August 2000, the erstwhile owners of the land, including one R.R. Deshpande entered into a sale deed in respect of block No.427 in favour of Vishwas Barbole, the Third Respondent. On 11 June 2003 another sale deed was executed by the owner of block Nos.400 to 403 and 405 in favour of Vishwas Barbole.

(3.) ON 23 June 2005, the learned Company Judge disposed of a company application filed by Barbole, by holding that the remedy would lie before the D.R.T. as the Liquidator had been directed to hold the properties subject to the orders passed by the D.R.T in terms of the order dated 16 December 2004.