The Hon’ble Sri Justice C.V.Nagarjuna Reddy
Company Application No.820 of 2014 Company Petition No.187 of 2012
Dated 11.08.2014
Between:
CANARA BANK Rep. by its Chief Manager and GPA Holder, Sri T.R.N.Sharma …Petitioner And Kakati Karshak Industries Pvt. Ltd., Nacharam, rep. by its MD Mr.C.Venkateshwar Rao and another …Respondents Counsel for the petitioner: Mr.Dishit Bhattacharjee for Mr.Deepak Bhattacharjee Counsel for respondent No.1: None appeared Counsel for respondent No.2: Mr.M.Anil Kumar, Counsel for OL The Court made the following:
Order:
This Company Application is filed to grant leave to the applicant to remain outside the winding up proceedings in Company Petition No.187 of 2012 and proceed against the secured assets as annexed to the Schedule in this application under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short ‘the SARFAESI Act’).
I have heard Mr.Dishit Bhattacharjee, learned Counsel for the applicant, and Mr.M.Anil Kumar, learned Counsel for the Official Liquidator.
The learned Counsel for Official Liquidator has placed before this Court the judgment in Syndicate Bank vs. Vasudha Pharma Chem Limited and another[1] wherein this Court, while following the directions issued by the Supreme Court in Rajasthan Financial Corporation vs. The Official Liquidator[2], has permitted the applicant- bank therein to sell the properties by issuing advertisement in English and Telugu daily newspapers as required under Rules 272 and 273 of the Company (Court) Rules, 1959 (for short ‘the Rules’), while associating itself with the Official Liquidator.
The learned Counsel for the applicant stated that his client will also follow the judgment in Rajasthan Financial Corporation vs. Official Liquidator by associating itself with the Official Liquidator while selling the properties.
For the abovementioned reasons, the Company Application is allowed by permitting the applicant to sell the properties by issuing advertisement in English and Telugu daily newspapers as required under Rules 272 and 273 of the Rules, while associating itself with the Official Liquidator.
(C.V.Nagarjuna Reddy, J) Dt: 11th August, 2014
LUR
[1] (2014) 185 Comp.Cas 78 (AP)
[2] (2005) 128 Comp.Cas.387 (SC)