BANK OF RAJASTHAN LTD. Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) THIS appeal is directed against a judgment and/or order dated September 18, 2007 (Ganapati Commerce Ltd. (in liquidation) v. Recovery Officer, Debts Recovery Tribunal, [2007] 140 Comp Cas 916 (Cal)), passed by the hon'ble company judge whereby his Lordship was pleased to hold that the official liquidator need not transmit the sale proceeds held by him to the Recovery Officer of the Debts Recovery Tribunal -II , New Delhi (hereinafter referred to as "the Tribunal") and his Lordship further held that it would be open to such Recovery Officer to apply under Section 28(4) of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as "the said Act"), if it deems fit.

(2.) THE facts revealed from the case that three companies, viz., Ganapati Exports Ltd., Ganapati Combines Ltd., and Ganapati Commerce Ltd. (in liquidation) were wound up by virtue of an order passed by the hon'ble High Court.

(3.) FURTHERMORE , it is the case of the bank that the Tribunal has primacy over the said matters by virtue of the provisions of the said Act. It is the duty of the official liquidator to assist the Tribunal in the matter of disbursement also.