Karnataka High Court
Official Liquidator Of M/S Mysore ... vs M/S Icici Bank Limited on 27 May, 2010
Author: Ram Mohan Reddy
Bench: Ram Mohan Reddy
IN THE HIGH COURT OF KAR-NATAKA AT BANGALORE
DATED THIS THE 27TH DAY OF' MAY, 2o10_.._
BEFORE T T
THE HONBLE MR. JUSTICE RAM
COMPANY APPLICATI0Nv.1\'£0.--.1034'bF.-V2§O£§}_
COMPANY PETITION No. 166 or 2001 "
BETWEEN:
Offieiai Liquidator of V .V "
M/s. Mysore Kirloskar [In_'Li:quidation'},
Attached to High Courtofv Karglat-ak2i;'~vV jv ..
Corporate BhafJa11., _' " '~ _ -
No.26~27, 1231 _
Raheja--*Tov§:ér1s; Road; "
Banggiore _-~ _ _-- ..APPLICANT
[By Mr'.'~§:.s.%
Mr. V. Jaya.1'a:n, A_dv»,}_ "
A 2 " . ,
» 11.. _ .,M3!s.:zC:~:.c1 Bank Limited
V 1 "E3~.axr_;}.< Tower.
' NOQI-._ (3;ornrnissax'iat Road,
Bangalore - 560 025.
2. " Vlndustriai Development Bank of India,
IDBI House,
58, Mission Road,
Bangalore. i %L
M/s. IFCI Limited.
Cubbonpet Main Road,
Bangalore.
Bank of Baroda,
ARM Branch,
PO. Box No.16?-4,3.
Walchand Hirachand Margy
Ballad Pier,
Mumbai '- 400 O0}.
-- Assignee -- A.
International Asset Recon.S~t_ruction,_ ' --
C0 Pvt. Ltd., A _ ''
B--3O2. Citi l3oint--,Andh.eri,--. "
Kurla Road, Andheri {East}. "
Murnbai -- 400 056} _, " A'
Bank of 4I_r:1d'1_a, _ _ -
Corporatejfi-an.ki:ng i8r'anoh,, ' =
70-e30,"M.o:_.,..1?2_oa«:1..,,. V .
Mur'nba:i,_ 4400- 023,.'}. "
M / s_. Iiivfent Assevt's~. Secu.-"itisation
V83: Reconstrtctionl' Ltd .,
7; VRaheja.,CC-.n"€re','* 5314;"
i"+'ree._P1'::ss'Journal_,Marg,
A. -- ..Narin'1an Point,
. < Nlumbai 1.
_ of India,
SAM Branch, 'Arcade,
2*'<3_"_Eloor, WTC Complex,
(gaffe. f--*arade.
, Mut1'ibai«- 400 005.
Srnall Ind ustrial Development Bank of India,
Nariman Bhavan,
No.22'7, V.K. Shah Marg,
Nariman Point,
Mumbai -- 400 021. ..RESPONDENTS
M 3 {By Mr. K.N. Subramani, Adv. for R3 M/s Khaitari & Co., Adv. for R1) R.2,4,5,6,'.7 are Served) THIS APPLICATION IS FILED UNDER READ WITH RULE 6 a 9 oe THE COMPAN3fl?§S'*«{CQU;R_'I}_ RULES, 1959 PRAYING TO DIRECT THE RESPGNl3E?J'lS * NO.i To 7 HEREIN THE SECURED _--C{iEQIT{),RS HANDOVER THE ORIGINAL TITLE. D.EE_DS'~ ] or-j1TH--E PROPERTY or THE COMPANYAIINI...I.1QU1DAiTToN}-:__ AND THIS APPLICATION c'o:lQIIN%o oi: .FOR1QRlD:"ERS;fi THIS" ' DAY THE coURT MADE THE Eo;,tow1N't1: '_ " T ' The Official Llqi,_1idato.r__V the applicant Company this application to direct t1Te"Seeured Creditors to hand over 'deed the.::jjrdperties of the company and to extend tiriie Vtivoi'iT1o'r1ths to execute the sale deed.
"t'Aecordi'I'iHgAV to the applicant C.A.No.l24/2009 matters were allowed by common order dated,___v'25'..f{)tS.2009 directing the Official Liquidator to ..e2;ee.ut---e the sale deeds Within four weeks thereof. ' "3_dACC;0I'diI'lg to the applicant, the original title deeds of the M 4 property of the Company in the custody of the Secured creditors viz.. ICICI Bank Limited, the Est responderit, when informed by a letter to handover deeds, was responded to by»v.»v1et:er.e'"at;5d';r2ii;'a;'_2oe9"'t Annexure--D informing its inat.i'i1itjrto do as Banks involved did not their noVAo'hjeetio1'1I: The' V applicant thereafter aniothher fetter' date-dV§3.9.2O09 addressed to all the issue of No Bank, was respondec1"to..'bg3'Yf" of Baroda and Se: that they assigned the to' Asset Reconstruction Company Mumbai and M/ s Invent Assets d Se'Cdritisation 81 eeeenseeeuen Pvt. Ltd., Mumbai. The 'E-}ectireddV...VCrfedi'tors having not cooperated in handing over th'e'o1ri'ginai title deeds, henCe'this'app'1ic"ation. M
3. Respondents 1 and 7 are represented by M /s Khaitan and company, learned counsel. respondent by Sri.K.N.Suhran'1ani, learned Respondents 2. 4», 5 and 6 thougii"served rernained absent and unrepresented. V
4. The application is statement of objections dt. p"/1" respondents interalia contending creditors of the company; charge in respect_ot 15* respondent holds the inortgagee for self and on behalf of It is further stated that 3rd resplondent--M/s_1,_E.C.I. Limited and 6th respondent- State India have 'no objection' to the 1st respondezit to handover the documents as animated in their ..letters cit. 109.2009 and 9.9.2009 respectively, A of which are enclosed to the Statement of 0 Objections. Respondents 4 and 5 having assigned their iii 6 debts, letters of consent are awaited from the assignees. In addition, it is stated that though the 7th respondent has assigned its rights in favour of M/s Reconstruction Company Limited neverthel_essfaeeords its consent to handover doourr1ents"--<¢to.;« Liquidator subject to setting a'part_n 25"/dogofv proceeds on pari passu bas'is""to me'et__t"ne-I difiiesdnof the second charge ho1ders~.g_ that the Official Liquidator be qgregtedttfg the rights and interest of the"g;rg.Seouiredg *oredit.o'rs~~v.a.s: envisaged under Seetic§n%'--t529.~}A, oiVAct, 1956 in the matter of dishiursementgot'stai'e:j:)ro'ceeds on pari passu basis. .5. the ii-earned counsel for the parties and Petr-u.Sé'C1 the pleadings. In the light of the order dt. 124/2009 it is incumbent on the part of "~theV__gvOffifeia1 Liquidator to execute the sale deed in favouruof the suceessfui bidder conveying the property it -question. Respondents 1 and 7 as well as M 7 respondents 3 and 6 have extended their no objection to handover the documents of title which are in poss'ession Sand Custody of 1st respondent.
are conspicuously absent and,.unrepresent.ed'despite it service of notice, while Std respondent nthoungh and represented, none hairs-DoVpposed,__tl1e lVappI,ic'ation by" ' filing statement of objections»
6. In the circurnstances, respondent is directed to title in respect of immovable" to the company in liquidation 'l Liquidator forthwith, The Official lZ;iquidator'i_s" directed to consider the claims of Secured"'~eredi..':ors as and when invited. in ' jaccordancedflwith Section 529--A of the Companies Act. " lllhlevlrjapplication is, accordingly allowed. handover the original documents of title to the Official 'Liquidator. Time is extended by two months thereafter, INK it .. 2Q days time is granted to the lst respondent to to the Official Liquidator to execute the sale dead 2 and handover the title deeds of the propertiesf"'tef"L-«efize successful bidder.
s&fiCei¢ ["JUDGE§eefeL In