Punjab-Haryana High Court
M/S Bhushan Limited vs M/S Telephone Cables Ltd on 3 December, 2019
50 CA No.51-52 of 2018 in
CP No.272 of 2003
SASF Vs. M/s Telephone Cables Ltd.
Present: Mr. Yogesh Putney, Advocate, for the applicant.
Mr. Aseem Aggarwal, Advocate, with
Mr. O.P.Sharma, Official Liquidator.
***
CA No.51 of 2018 Exemption application is allowed as prayed for. CA No.52 of 2018 This is an application filed by Stressed Assets Stabilization Fund (SASF) for confirmation of sale of plant & machinery of the company, which was ordered to be wound up vide order dated 24.07.2015.
The Official Liquidator has participated in the sale process and has no objection for the sale being confirmed, as the same has already been confirmed by him in the Joint Lenders Meeting held on 07.12.2017.
The property was taken in possession to sell under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. The remaining process be completed as per the Minutes of the Joint Meeting of Lenders dated 08.09.2017. A direction is issued to the SASF to deposit the sale proceeds in the office of the Official Liquidator within a month from today.
With these observations and directions, application stands disposed of and the sale is ordered to be confirmed.
03.12.2019 [RAJIV NARAIN RAINA]
Vimal JUDGE
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