1 S.B. Civil Company Application No.7/2009 in S.B. Company Petition No.6/1999 Dena Bank vs Official Liquidator M/s. Pittie Cement Ltd. Date of Order dated 5.1.2010 HON'BLE MR. PRAKASH TATIA, J. Mr.Anjay Kothari, for the petitioner. Mr.Vikas Balia, for the Official Liquidator. <><><> Heard learned counsel for the applicant and learned counsel for the Official Liquidator who is representing the company in liquidation M/s. Pittie Cement Ltd. The applicant-bank is seeking permission of this Court for remaining outside the winding up proceedings under Section 446 of the Companies Act and submitted that the applicant-bank is willing to comply with the provisions of Section 529A of the Companies Act, 1956 read with Section 13(9) of the Securitisation Act, 2002. Learned counsel for the Official Liquidator states that in case the permission is granted to petitioner-company to remain outside the liquidation proceedings under Section 446 then to watch the interest of the workmen etc as 2 provided under the Companies Act, the official liquidator may be allowed to remain present during auction and subsequent proceedings so that they may take effective steps in time. Since the application has been filed by the bank who is secured creditor and is willing to remain outside the liquidation proceedings, therefore, the application is allowed. However, it is made clear that the Official Liquidator shall be allowed to see and watch and take steps in accordance with law to comply with the provisions of the Companies Act. [PRAKASH TATIA], J. cpgoyal/-