International Asset Reconstruction Company Pvt. Ltd, v. The Official Liquidator
Case brief
What is this about?
Madras High Court order dated 31-10-2025 by Justice N. Senthilkumar closing Comp.A No. 244 of 2025 in CP No. 36 of 2006, filed by International Asset Reconstruction Company Pvt. Ltd (IARC) through Chetan Sagar seeking time-bound adjudication by the Official Liquidator (Pola Raghunath) of its claim and workmen's claims against Erode Rana Textiles Processors Private Limited (in Liquidation). Key facts: claim of Rs.16,63,30,575/- adjudicated at Rs.3,58,44,613/- with rejection of Rs.13,04,85,962/-; admission/rejection notice dated 30.09.2024 quashed on 03.01.2025 in Comp.A.No.463 of 2024 and matter remanded; fresh hearing/discussion on 30.10.2025; pending evaluation of compound interest, RDDB Act and SARFAESI charge-creation issues; Official Liquidator directed to pass appropriate orders within two weeks; no precedent cases cited.
What did the court decide?
Direction to the Official Liquidator to evaluate the outcome of the discussions with the applicant IARC and pass appropriate orders within two weeks from receipt of a copy of the order; Comp.A.No.244 of 2025 closed.