Asrec(India) Ltd, v. The Official Liquidator Of M/S.Orson Electronic .Ltd.,

sat 1/2 cal 403-2013.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION (L) NO. 403 OF 2013 IN COMPANY PETITION NO. 110 OF 1989 ASREC (India) Ltd.

...Applicant /Third Party In the matter between Prem M. Pardasani

...Petitioner

vs.

Official Liquidator of Orson Electronics Ltd.

...Respondent

Mr.Sunil Kadam for Applicant.

Mr.S. Ramakantha,Official Liquidator.

CORAM : S.C. GUPTE, J.

9 OCTOBER 2015 P.C. :

In pursuance of an order passed by this Court on 19 August 2015, the Official Liquidator has filed a further affidavit-in-reply placing on record the circumstances in which the applications referred to in the order of 19 August 2015 were made by the Liquidator before the Recovery Officer. Since the matter is pending before the DRT and the Recovery Officer under the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, the amount collected by the Official Liquidator towards the rental income of the property will have to be made over to the DRT to be held and distributed by it in accordance with the provisions of Section 19(19) of that Act. The Application is, accordingly, disposed by allowing prayer clauses (a) and (b).

The entire rental income received by the Official Liquidator in respect of the property in the company application shall be made over to the Recovery Officer, DRT-2, Mumbai.

sat 2/2 cal 403-2013.doc Financial Institutions Act, 1993 read with Section 529A of the Companies Act, 1956.

The application is disposed of accordingly.

(S.C. Gupte, J.)