This interim application sought a direction to the Official Liquidator to hand over property possession to the applicant, a secured creditor. The court held that a reply must be filed to ascertain the Official Liquidator's position regarding auction valuation before disposal.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
909 & 57. IAL 21010-24 in CP 340-11.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
INTERIM APPLICATION (L) NO. 21010 OF 2024 IN
COMPANY PETITION NO. 340 OF 2011
Axis Bank Limited ...Applicant In the matter between Belleco Industries ...Petitioner V/s.
M/s Jay Mechanical Pvt. Ltd. ...Respondent.
WITH OFFICIAL LIQUIDATOR’S REPORT NO. 78 OF 2024 IN
COMPANY PETITION NO. 340 OF 2011
Ms. Divya Bamne with Mr. A. R. Banne and Co., Advocate for the Applicant.
Mr. Anirudh Hariani, for Official Liquidator.
Mr. Chetan Shelke, Assistant Official Liquidator.
CORAM : ABHAY AHUJA, J. DATE : 25th JULY, 2024
P.C. :
Digitally
signed by
NIKITA
NIKITA YOGESH
YOGESH GADGIL
GADGIL Date:
2024.07.25
19:33:46
+0530
to hand over physical possession of the property bearing Plot no. D- 7/7, Road No. 33, Wagle Estate, Thane (West), on the ground that the Applicant is a secured creditor and standing outside the winding up of the company in liquidation.
Nikita Gadgil 1/2
909 & 57. IAL 21010-24 in CP 340-11.doc
(ABHAY AHUJA, J.)
Nikita Gadgil
3 issues framed by the court
Whether the applicant is entitled to immediate physical possession of the property outside the winding up process.
Whether the secure creditor can claim priority over the general body of creditors in a liquidation proceeding.
Whether the learned counsel needs to file a reply to the interim application.
Axis Bank Limited
Belleco Industries
M/s Jay Mechanical Pvt. Ltd.
Abhay Ahuja
As recorded by the court registry
3 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
