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2005 Supreme(Bom) 1005

F.I.REBELLO, N.A.BRITTO
Akola Oil Industries – Appellant
Versus
State Bank of Maharashtra – Respondent


Judgment

F. I. REBELLO, J.

( 1 ) THE present appeal has been preferred by the company in liquidation through the Official Liquidator, challenging the order dated 4-5-2005 whereby the learned Company Judge refused to recall the oider dated 17-10-2003, which was passed in Application No 142/ 2003 Further relief sought is to quash and set aside the order passed in Review Application No 55/2005 on 13-6-2005 By the impugned order dated 4-5-2005 the learned company Judge refused to recall the order dated 17-10-2003, permitting the secured creditors to proceed under Securitisation act, and in view of that rejected Company application No 97/2004 and 11/2005 The learned Judge further ordered that in view of the finding recorded in the order it was open to the State Bank respondent to proceed to sell the secured asset of 18 acres and 20 gunthas of land as advertised by it after complying with and furnishing undertaking to the Official Liquidator as required by sections 529 and 529-A of the Companies Act It was further made clear that, respondent State Bank of India is not entitled to sell the movables mentioned by it in the advertisement or otherwise under securitisation Act as the same is in






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