((-1-)) MST IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.993 OF 2007 IN COMPANY PETITION NO.281 OF 2004 Bank of India Applicant versus The Official Liquidator of M/s.VAM Steel Udyog Pvt.Ltd. Respondent Satish Shette a/w D.A.Das for applicant. Shakuntala Joshi for respondent no.2. Minesh Shah for Vipul Mehta, Ex-Director. Kedar Dighe for O.L. - respondent no.1. CORAM : A.M.KHANWILKAR, J. DATE : 18th March 2008 PC : 1. The Official Liquidator has verified the claim of the applicant that the property in question has been mortgaged to the applicant, it is a subsisting mortgage; and is satisfied with that position. If it is so, the applicant is entitled to pursue its remedy under Securitisation Act, which will have to be considered on its own merits. Counsel for the Official Liquidator submits that the applicant did resort to sale of the property by invoking the provisions of Securitisation Act, however, has committed blatant illegalities in that behalf. That is a matter which will have to be ((-2-)) MST considered in appropriate proceedings, if already filed or otherwise, and cannot be examined in this application. 2. Suffice it to observe that the applicant will be free to deal with the property which is already mortgaged to the applicant and being a subsisting mortgage, the question of Official Liquidator taking over possession of the said property does not arise. However, at the same time, the applicant will be obliged to abide by the future directions to be given by the Official Liquidator to bring back the commensurate amount to pay the dividend of the claimants in accord with the provisions of Sections 529 and 529(A) of the Companies Act. The applicant assures to comply with such requirement subject to liberty to challenge the correctness of the said direction if and when occasion arises. That assurance is accepted. The applicant assures to bring back the amount in accordance with the undertaking already filed before this Court within the time to be specified by the Official Liquidator in the directions to be issued in that behalf. Application disposed off in the above terms. ((-3-)) MST (A.M.KHANWILKAR, J.)