IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION O.L.Report No. 149 of 2008 in Company Application No.763 of 2007 In the matter of M/s Avien Rubber and Chemicals Pvt. Ltd. The Board for Industrial and Financial Reconstruction, New Delhi (BIFR) ..Petitioner Mr.S.N.Fadia with Mr.N.S.Fadia for Bank of India. Mr.P.Punjabi for SICOM Mr.P.Ramarao, O.L. present. CORAM: S.C.DHARMADHIKARI CORAM: S.C.DHARMADHIKARI CORAM: S.C.DHARMADHIKARI J. J. J. 3rd July 2008 3rd July 2008 3rd July 2008 P.C. P.C. P.C. 1. In the light of the fact that public body is going to dispose of the immovable properties at Pune, official liquidator has no objection to SICOM ltd. taking necessary steps in accordance with law. In the light of the agreement reached between the parties the company application no.763 of 2007 is made absolute in terms of prayer clauses (a) and (b). As far as disbursement of sale proceeds are concerned, parties to abide by further orders of this Court. 2. Mr.Punjabi appearing for SICOM states that the properties would be sold with due intimation to the Official Liquidator. 3. Mr.Punjabi states that even the movables which are mentioned in prayer clause (c) of the company application, the sale has been concluded and proceeds are lying with SICOM. They will continue to hold the same subject to section 529A of the Indian Companies Act, 1956 and appropriate undertaking will be given to the Official liquidator in that behalf. Official Liquidator’s report seeks directions to take possession of the immovable properties at Thane. The secured creditors have no objection to the same. As far as prayer clause (a) of the report dated 15th May, 2008 is concerned, Mr.Fadia, appearing for Bank of India, states that pursuant to the Recovery Certificate granted by D.R.T. in favour of the said Bank, the proceedings in execution thereof have been initiated by the bank and the said immovable property is attached. He invites my attention to the warrant of attachment dated 29th February, 2008. In such circumstances, he submits that the Bank would take the responsibility of safeguarding and protecting its security i.e. the property and further if it decides to dispose of the same, official liquidator would be duly intimated of all developments in that behalf. In the light of this statement of Mr.Fadia, on instructions, from Bank of India and further considering the attachment levied by D.R.T., official liquidator at this stage does not press for any protection in terms of prayer clause (a) of the report. However, while disposing of the report, liberty is granted to the official liquidator to seek appropriate directions at the subsequent stage with regard to immovable property described more particularly in prayer clause (a) of the said report. (S.C.DHARMADHIKARI J.) (S.C.DHARMADHIKARI J.) (S.C.DHARMADHIKARI J.)