HEMANT GUPTA, J. - (1.) Petitioner M/s Punjab Financial Corporation has sought direction to the Official Liquidator to remove the locks from the premises of M/s Indogem Laminations (Pvt.) Limited, Bathinda, the possession of which was taken by the Corporation under Section 29 of the State Financial Corporation Act, 1951 (hereinafter to be referred as "the Act"). The petitioner has also sought permission to sell the mortgaged property of the company in liquidation.
(2.) Petitioner has advanced a term loan of Rs.45.59 lacs and another financial assistance of Rs.8 lacs for setting up of an industry for manufacturing of copper wire. The said financial assistance was secured by mortgaged deed dated 21.12.1989. Since the company failed to repay the loan, the petitioner took over the possession of the land measuring 8 Kanals situated at village Jassi on 27-01-2000. The petitioner issued a notice for the sale of unit which published in the newspaper on 22.2.2004. Notice of such sale was issued to the promoters of the company as well for 23.02.2004. The company was ordered to be wound up and the Official Liquidator took charge of the assets and effects of the company on 10.12.2004 after serving notice on 8.12.2004 to the petitioner. The petitioner has, thus, sought a direction to the Official Liquidator to remove the locks from the premises of the company now in liquidation as well as opting out to remain outside the liquidation proceedings subject to conditions under Section 529A of the Companies Act, 1956 (hereinafter to be referred as "the Companies Act"). The reply on behalf of the Bank in respect of financial assistance provided to company in liquidation has been filed. It has been pointed out that company in liquidation has sought Rs.1.35 crores and another term loan of Rs.8 lacs for the purchase of machinery. The company has mortgaged industrial plot No. E-53 situated at Industrial Area, Phase-I, Bathinda and plot situated at Handaya, Tehsil Barnala. The land, building and machinery financed by the Punjab Financial Corporation is under second charge of the Bank whereas stock of all types i.e., finished, unfinished and under process, machinery worth Rs.12.25 lacs purchased with financial assistance of the Bank is under the first charge of the Bank.
(3.) The bank has initiated proceedings for the recovery under Section 19 of the Recovery of Debts Due to Bank and Financial Institutions Act, 1993, before the Debts Recovery Tribunal, Chandigarh. It also issued notice to the Managing Director and guarantors of the company in liquidation under section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002. Bank has claimed that total dues due to the Bank are more than Rs.2.5 crores and, therefore, interest of the Bank be kept safe for just, proper and complete realization of the arrears.;