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Delhi High Court - Orders

Pacific Convergence Corpn. Ltd vs Data Access (India) Ltd on 21 March, 2023

Author: Sanjeev Narula

Bench: Sanjeev Narula

                          $~CP-6
                          *     IN THE HIGH COURT OF DELHI AT NEW DELHI
                          +     CO.PET. 292/2004 & CO.APPLs. 1142/2006, 1145/2006, 1156/2006,
                                1233/2006, 57/2007, 221/2007, 318/2007, 989/2007, 1080/2007,
                                1110/2007, 736/2009, 688/2010, 1232/2010, 1864/2011, 1540/2012,
                                787/2013, 1880/2013, 2258/2014, 1533/2016, 3176/2016, 4263/2016,
                                583/2017, 814/2017, 302/2018, 339/2019, 516-520/2019.
                                PACIFIC CONVERGENCE CORPN. LTD.                         ..... Petitioner
                                                   versus

                                DATA ACCESS (INDIA) LTD.                              ..... Respondent

                                Appearances:       Mr. D. Bhattacharya, Standing Counsel for OL.
                                                   Mr. Aditya Vikram Bhat, Mr. Devashish Marwah,
                                                   Mr. Satyajit Sarna and Mr. Rahul Kukreja,
                                                   Advocates for Applicant in CO.APPL. 989/2007.
                                                   Mr. Abhey Narula, Advocate for Canara Bank.
                                                   Ms. Shalini Kaul, Advocate for Applicant.
                                                   Mr. Anwesh Madhukar, Mr. Pranjal Shekhar,
                                                   Advocates for K.C. Palanisamy.
                                                   Ms. Haripriya Padmanabhan, Ms. Pooja Dhar and
                                                   Ms. Shivani, Advocates for Applicant/ SPIL.
                                                   Mr. Aditya Vikram Bhat, Advocate for Applicant
                                                   in CO.APPL. 989/2007.
                                CORAM:
                                HON'BLE MR. JUSTICE SANJEEV NARULA
                                                   ORDER

% 21.03.2023 CO.APPL. 329/2022 (for approval of draft sale notice)

1. Official Liquidator ['OL'] seeks liberty to hold an e-auction for sale of movable assets of the Respondent-Company lying at E- 43/6, Okhla Industrial Area, Phase - II, New Delhi.

2. Counsel for Canara Bank (the secured creditor) expresses no objection to the aforesaid request but states that the sale proceeds received from such auction should be deposited with them. It is pointed out that similar orders have been passed by this Court whenever OL has been granted permission for such action/sale.

3. Considering the above, the application is allowed with the following directions:

(a) The draft E-Auction Sale Notice (Annexure-F) for sale of movable assets of the Company lying at afore-noted address is approved.

(b) OL is permitted to conduct the e-auction through Railtel Corporation of India Ltd.

(c) OL shall publish the Sale Notice in Delhi NCR editions of Hindustan Times (English) and Dainik jagran (Hindi) newspapers.

(d) The sale proceeds from the auction shall be deposited with Canara Bank and be kept in a separate account in the name of the Company.

(e) The sale proceeds shall not be appropriated by Canara Bank without the leave of the Court.

4. OL is however permitted to adjust the amount incurred towards verified payment of about Rs. 17 lakhs to the security agency, who has been deployed for preserving these movable assets.

5. The application stands disposed of.

6. Mr. Abhey Narula, counsel for Canara Bank, seeks an adjournment as Mr. Y.P. Narula, Senior Advocate, who is representing Canara Bank is hospitalised.

7. Re-notify on 3rd May, 2023.

SANJEEV NARULA, J MARCH 21, 2023/as Signature Not Verified Digitally Signed By:SAPNA SETHI Signing Date:27.03.2023 13:20:07