SANJIB BANERJEE, J. - (1.) The report of the Official Liquidator filed on December 5, 2011 is taken on record.
(2.) West Bengal Financial Corporation, which is a state financial corporation within the meaning of the State Financial Corporations Act, 1951, has applied by way of CA No.1095 of 2011 seeking leave to sell the mortgaged assets of the company (in liquidation). The corporation had apparently taken possession of the mortgaged assets prior to the company being directed to be wound up, under Section 29 of the 1951 Act.
(3.) The Oriental Bank of Commerce, claiming to be the second charge holder in respect some of the assets, is also represented. It appears that the claim of the corporation is about Rs. 75 lakh and the claim of the bank is about Rs. 35 lakh. However, such figures are subject to verification. The company went into liquidation at the instance of HDFC Bank Ltd. Such petitioning-creditor is also represented and says that a writ petition was filed by the company prior to its liquidation challenging the corporation's attempt to sell the assets at the manufacturing facility of the company on the ground that in purported exercise of the authority under Section 29 of the 1951 Act the corporation had also sought to take possession of other properties not mortgaged.;