IFCI LTD. Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) INSTANT application has been filed by the applicant -IFCI Limited being a secured creditor and other secured creditors having given their consent under section 446, read with section 529 of the Companies Act seeking directions to handover possession of the mortgaged/hypothecated immovable and movable property of the company -in -liquidation -Punsumi India Ltd. (hereinafter referred as 'Company') which are in possession of the Official Liquidator so that the applicant -company may realize its outstanding dues by disposing of the property by public auction as provided under law.

(2.) IT has been alleged that the applicant -company is one of the secured creditors who advanced loan to the company.

(3.) THE applicant -company, being a secured creditor, filed Original Application No. 131/2004 before the Debts Recovery Tribunal, Jaipur for recovery of its dues which is pending. However, in the meanwhile, vide its reference dated 25 -7 -2007, the applicant -company sent a notice to the Company under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('Act, 2002').