M/S Spark Plugs Vs
Case brief
What is this about?
The High Court of Rajasthan directed the official liquidator to hand over actual physical possession of the mortgaged immovable property to the applicant, a secured creditor (ARC), subject to prior payment of adjudicated expenses and ESI dues.
What did the court decide?
Directing the official liquidator to hand over the actual physical possession of the mortgaged immovable property to the applicant subject to payment of costs and ESI dues.
What the court decided
HIGH COURT OF JUDICATURE FOR RAJASTHAN BENCH AT JAIPUR
S.B. Company Application No.140/2016
Spark Plug Co. (I) Ltd. (In Liquidation) Through Official Liquidator Attached to Hon’ble Rajasthan High Court, Jaipur Bench, Jaipur
And
UV Asset Reconstruction Company Ltd Having Its Corporate Office At 1304, Chiranjiv Tower, 43, Nehru Place, New Delhi-110019.
...Present Applicant ARC
For Official Liquidator : Mr. Gaurav Sharma. For Applicant (s) : Mr. Rajendra K. Salecha.
HON'BLE MR. JUSTICE ALOK SHARMA
Order
27/01/2017
The matter comes up on an application on behalf of one UV Asset Reconstruction Company Ltd. the secured creditor under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 hereinafter (‘the Act of 2002’) under Rules 6 and 9 of the Companies (Court) Rules, 1959 for directing the official liquidator to hand over the actual physical possession of the immovable property of the company in liquidation situate at Matsya Industrial Area, Village Gotala, District Alwar alongwith the building structures as also fittings and fixtures therein.
Issues for consideration
3 issues framed by the court
Whether the secured creditor is entitled to hand over actual physical possession of the mortgaged immovable property of the company in liquidation to the official liquidator.
Whether the applicant must pay the official liquidator expenses for preservation and protection of the assets before handing over the possession.
Whether the applicant must pay the adjudicated ESI dues as a preferential claim before handing over the possession.
Parties & counsel
- applicant
UV Asset Reconstruction Company Ltd
- respondent
Spark Plug Co. (I) Ltd.
Coram
Allok Sharma
Case details
As recorded by the court registry
- Court
- Rajasthan HC
- Decided on
- · January
- Registered
- Case no.
- COAP/140/2016
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