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Showing contexts for: zoom developers in The State Of M.P. vs M/S Hukumchand Mills Ltd. & Others on 15 March, 2022Matching Fragments
12) Shri Hitendra Y. Mehta, learned Counsel appearing for the Official Liquidator has also supported the applications in favour of the workers union and the attention of this Court is also invited to the order passed by this Court in the case of Senior Manager UCO Bank Vs. M/s. Zoom Developers Pvt. Ltd. in Company Petition No.9 of 2011 dated 17.06.2019 wherein it is held that once the winding up order is passed and the provisional liquidator is appointed, then no authority can take possession of the assets of the company in liquidation without the leave of this Court. It is submitted that in the case of M/s. Zoom Developers (supra) also the question of cancellation of lease deed arose between the parties. Attention of this Court is also drawn to another decision in the case of Mukund Ltd. Vs. Devidayal Industries Ltd. (in liquidation) reported as [2017] 203 Comp Case 304 (Bom) to submit that the rights and obligation of parties to existing lease agreement continue to be binding on both the parties. Similarly in the case of Shree Chamundi Mopeds Ltd. Vs. Church of South India Trust Association reported as 1992 (75) CC 440 (SC), wherein the Hon'ble Supreme Court has also promulgated that lease hold rights in a property can be transferred and the interest of the mortgagor can also be attached and sold by way of execution in satisfaction of a decree against the lessee. It is submitted that as many as two decrees have been passed by the D.R.T. against the company and in execution of the said decrees the property can be sold for the satisfaction of the decrees and there is no legal impediment even if the lease is cancelled by the original lessor. Reliance is also placed in the case of Legal Heirs of Deceased Fakirchand Ambaram Patel Vs. Official Liquidator, Amruta Mills Ltd. reported in 2003 (116) CC 588. Reliance is also placed in the case of Jabal C. Lashkari and others Vs. Official Liquidator and others reported in [2016] 196 CC 486 (SC) para 20. Reliance is also placed in the case of Metal Tubes and Rolling Mills, In re reported in [2018] 210 CC 184 (Bom).