Madras High CourtCOMP.A/1524/2010disposed of

Lic Housing Finance Limited, v. The Official Liquidator,

2026-04-17Honourable Mr Justice Senthilkumar Ramamoorthy4 pages

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED: 17.04.2026

CORAM

THE HON'BLE MR.JUSTICE SENTHILKUMAR RAMAMOORTHY Comp.A.No. 1524 of 2010 in C.P.No.339 of 1999 LIC Housing Finance Limited, Rep. by its Assistant General Manager, Regional Office, Harrington Chambers, 30/1A, Abdul Razack first street, Saidapet, Chennai-15.

..Applicant Vs The Official Liquidator, High Court, Madras as the Liquidator of M/s.Alsa Constructions & Housing Limited, (in Liquidation) ..Respondent Prayer : Application is filed under Order XIV Rule VIII of O.S.Rules Read With 9, 11(b) and 19 of the Company Court Rules Read With Section 446 of the Companies Act, 1956, to grant leave to the applicant company to invoke the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 in respect of the security interest created by the respondent company in favour of the applicant.

For Applicant: Mr. S.Elambharathi For Respondent: Ms. Ambili B., Deputy Official Liquidator

ORDER

The applicant is a housing finance company. Asserting that it has a security interest in the asset of the company in liquidation, the applicant applied for leave to invoke the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 in respect of the alleged security interest created by the company in liquidation in favour of the applicant.

2. At the hearing on 06.03.2026, affidavit dated 08.12.2025 of the applicant stating that the charge in its favour was not registered with the Registrar of Companies was taken note of. If the charge is not registered with the Registrar of Companies and such company goes into liquidation, such charge is void in terms of Section 125 of the Companies Act, 1956 and related provisions. Consequently, the applicant cannot enforce such charge against the Official Liquidator. Therefore, the only option open to the applicant is to join the liquidation by lodging a claim before the Official Liquidator. Because the charge is unenforceable, title and other documents relating to the asset shall be handed over to the Official Liquidator within four weeks from the date of receipt of a copy of this order.

3. This application is disposed of on these terms by leaving it open to the applicant to lodge a claim before the Official Liquidator. 17.04.2026 kj

SENTHILKUMAR RAMAMOORTHY,J.

Kj Comp.A.No. 1524 of 2010 in C.P.No.339 of 1999 17.04.2026