IN THE HIGH COURT OF BOMBAY AT GOA COMPANY APPLICATION NO. 38 OF 2008 IN COMPANY PETITION NO. 19 OF 2006 EDC LIMITED ... Applicant Versus M/S. SHEKHAR ELECTRICALS THROUGH PROPRIETOR SHEKHAR SHIRODKAR ... Respondent Ms. Amira Razaq, Advocate for the Official Liquidator. Mr. Mahesh Sonak, Advocate for the Applicant. Mr. V. Rodrigues, Advocate holding for Mr. Nitin Sardessai, Advocate for the Respondent. Coram:- S. C. DHARMADHIKARI, J. Date:- 15th April, 2011 P.C.:- Having heard the learned Counsel for the Official Liquidator and the Applicant, I am of the opinion that it is not necessary for the Applicant, which is State Financial Corporation established under the State Financial Corporations Act, 1951, to seek permission or leave of this Court to initiate steps and measures under Section 29 of that Act. 2. In the peculiar facts of this case, leave need not be granted because the sale is subject to Section 529 A of the Companies Act, 1956, meaning, thereby sale proceeds will have to be retained by the Applicant till the Official Liquidator intimates the workers' dues to the Corporation. Thus, the Corporation to inform the Official Liquidator as soon it sells and disposes off the properties in possession of the Company in liquidation. 3. Such intimation should be given to the Official Liquidator within four weeks. It is submitted that there is a status quo order passed by the Hon'ble Supreme Court with respect to the mortgaged properties due to which the Corporation cannot take further steps. The sale proceeds when received by the Corporation, it should intimate the Official Liquidator within a period of four weeks, from their receipt whereafter the Liquidator to give the details of workers' dues to it. The Official Liquidator to do so within a period of four weeks from the date of receipt of the intimation from the Petitioner-Corporation. 4. Application stands disposed of in these terms. No costs. S. C. DHARMADHIKARI, J. EV