S.K.KESHOTE, J. - (1.) HEARD learned counsel for the parties, perused the application, the reply filed thereto by the official liquidator and the rejoinder filed by the applicant.
(2.) THIS is an application under Section 446(2) of the Companies Act, 1956, and under Rule 9 of the Companies (Court) Rules, 1959. In the application prayer has been made to allow the applicant -bank to remain out of winding up proceedings and to sell the assets of the company under its charge, as secured creditor for realising its dues.
(3.) LEARNED counsel for the non -applicant does not dispute that the applicant is a secured creditor of the company in liquidation and he has no objection in case the court allows the applicant -bank to remain out of winding up proceedings and permits to sell the assets under its charge. However, he submitted that it is a winding up under the court's supervision and controls and all the actions of the applicant are subject to the sanction of the court.;