Lsp IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO. 1106 OF 2007 IN COMPANY PETITION NO.766 OF 1990 Engineer Mazdoor Sabha ...Petitioner and Narayan Sarjerao Ether ...Applicant V/s. The Official Liquidator of M/s. G.G.T. Kaypee Ltd. (in liqn.) & anr. ...Respondents Mr. Rishab Shah with MR. Ragani i/b. Haridas & Co. for the applicant. Mr. S.Ramakantha, Dy. O.L. present. Ms. Molina P. Thakur for respondent no.1 CORAM CORAM CORAM : A.M.KHANWILKAR,J. : A.M.KHANWILKAR,J. : A.M.KHANWILKAR,J. DATED DATED DATED : 24th October, 2008 : 24th October, 2008 : 24th October, 2008 P.C. . This application is disposed of with direction to the Official Liquidator to forthwith call upon respondent no.2 to bring such amount as may be specified by the Official Liquidator out of the sale proceeds received by respondent no.2 from the assets of the company. The question whether respondent no. 2 is entitled to retain the amount towards sale proceeds of particular assets of the company in liquidation being secured creditors or under the orders of Debt Recovery Tribunal is a matter which will have to be considered by the Official Liquidator. All questions in that behalf are left open. The Official Liquidator shall give opportunity to the applicants herein before any final 2 order is to be passed particularly of accepting the stand of respondent no.2 that it is not necessary to bring back any amount out of the sale proceeds of the assets of the company in liquidation available with them. In view of the above, no further directions are necessary at this stage. In case the sale proceeds in relation to assets of the company in liquidation available with respondent no.2 is on account of their status as secured creditor or under the orders of Debt Recovery Tribunal, respondent no.2 shall have to give undertaking to the Official Liquidator that at a later points of time, they will bring back such amount as may be ordered out of the same so as to make it available for disbursal keeping in mind the mandate of Section 529-A of the Companies Act. 2. Official Liquidator shall ensure that possession of all the assets of the company in liquidation is expedited and shall be completed not later than 15th December, 2008. 3. Application disposed of accordingly. [A.M.KHANWILKAR,J.] [A.M.KHANWILKAR,J.] [A.M.KHANWILKAR,J.]