SURYA POWER LTD Vs. BANK OF INDIA

JUDGEMENT

(1.) HEARD rival submissions.

(2.) THIS Court vide its order dated August 4, 1995 directed to wind up company and appointed the Official Liquidator attached to this Court as Liquidator of the Company. THIS Court granted permission to the respondent Bank (Bank of India) for filing application to the Debt Recovery Tribunal vide its order dated September 4, 1997 as per the following terms and conditions: (i) The applicant will undertake to discharge the liability due to the workmen if any, u/s. 529a of the Act to the extent of the amount realised from the assets of the company. (ii) The applicant Bank will intimate the Official Liquidator from time to time about the progress of the recovery proceedings and the interlocutory applications, if any seeking any order in relation to the secured properties. (iii) The final result of the proceedings shall be intimated immediately to the official liquidator. (iv) The execution proceeding for realisation of the amount from the properties of the company shall be taken by the Bank after obtaining permission from the Company Court. (v) The expenses to be incurred by the Official Liquidator in defending before the Tribunal shall be recoverable from sale proceeds of the properties of the company as and when sold. "

(3.) THE application stands disposed of as indicated above without any order as to costs. .