LAWS(P&H)-2015-8-383

PUNJAB STATE INDUSTRIAL DEVELOPMENT CORPORATION LTD. AND ANOTHER Vs. ELECTRONICS SYSTEM PUNJAB LTD. (IN LIQUIDATION) & ORS.

Decided On August 07, 2015
Punjab State Industrial Development Corporation Ltd. and another Appellant
V/S
Electronics System Punjab Ltd. (in liquidation) And ors. Respondents

JUDGEMENT

(1.) (Oral) - Mr. I.P. Singh, Advocate has filed reply to CA No.103 of 2015 in Court and the same is taken on record.

(2.) This order of mine shall dispose of CA Nos.103 and 224 of 2015 filed by one of the Secured Creditor i.e. PSIDC as well as Auction Purchaser, respectively.

(3.) It has been stated that PSIDC in terms of powers envisaged under Sec. 29 of the State Financial Corporation Act, 1951 (hereinafter to be referred as 'the Act') has taken over the assets of the company (in liquidation) on 11.06.2004.