RAJASTHAN STATE INDUSTRIAL DEVELOPMENT & INVESTMENT CORPORATION LTD Vs. OFFICIAL LIQUIDATOR OF SAN INDIA ELECTROCHEM PRIVATE LTD

JUDGEMENT

(1.) THIS company application has been filed with the following prayers :

(2.) THE company, in liquidation, at the time when it was operational, was sanctioned a term loan of Rs.55.07 lacs by the applicant Rajasthan State Industrial Development and Investment Corporation Ltd. (hereinafter RIICO ), out of which Rs.49.44 lacs were disbursed upto 30.09.1992. The said term loan was secured on first charge by mortgage and hypothecation of existing and future assets of the company. On the company having defaulted on the term loan obligations, RIICO resorted to its powers under Section 29 of the State Financial Corporation Act, 1951 (hereinafter the Act of 1951 ) and took possession of the fixed assets of the company on 29.08.1996.

(3.) THE company in issue was then ordered to be wound up by this Court under its order dated 20.03.1997 passed in Company Petition No.24/1996.