*1* ca.302.11.cp.489.04.olr.902.sxw kps HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.302 OF 2011 IN COMPANY PETITION NO.489 OF 2004 WITH OFFICIAL LIQUIDATOR’S REPORT NO.241 OF 2011/LIQN.VIII SICOM limited. ..Applicant -Versus- The Official Liquidator of Vishuddha Rasayanee Pvt.Ltd.. ..Respondent ........ Mr.Prakash Panjabi, for the Applicant. Mr.A.Kamath a/w Mr.N.Rajani i/b V.Deshpande & Company, for the IARC. Mr.Jay Kansara i/b Vidhi Partners, for the EXIM Bank. Ms.Krupa Shah i/b Singhania & Company, for the Petitioner. ......... CORAM:- S.C.DHARMADHIKARI, J. Date: 25th August, 2011. P.C.:- 1 This is an application by SICOM and it desires to initiate the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, “the Securitisation Act, 2002”). The settled legal position is that the Liquidator and the Company Court have limited powers inasmuch as it is only in terms of section 13(9) of the Securitization Act, 2002 which refers to sections 529 and 529A of the Companies Act, 1956, that the Liquidator comes in picture. The Liquidator has no concern with the prior stages of the proceedings. He has to intimate the estimated amount of workmen’s dues to the secured creditor and in that case, the secured creditor may retain the sale proceeds with him after the deposit of amount of such *2* ca.302.11.cp.489.04.olr.902.sxw estimated dues with the Liquidator as and when called. With these clarifications, the Company Application is disposed of. 2 As far as the Official Liquidator’s Report is concerned, having perused it and finding that the Liquidator desires to handover the possession to the IARC on “as is where is” basis and that too of the property to which the said entity claims rights under the Securitisation Act, 2002, the report is made absolute in terms of prayer clause (a). The possession be handover to the IARC within fifteen days from today. (S.C. Dharmadhikari, J)