JUDGMENT :

K.R. Shriram, J.

1. Applicant in company application no. 314 of 2017 is City Co-operative Credit & Capital Limited ("Applicant"). Applicant had filed the above company application as a secured creditor of Satwik Electric Controls Private Limited ("the Company"), which Company is in liquidation, having been ordered to be wound up by an order dated 19th July 2007 passed by this Court. Applicant seeks directions from this Court to the Official Liquidator to disburse/pay to applicant a sum of Rs. 2,29,30,687/- which had been adjudicated by the Official Liquidator as being payable to applicant with an undertaking to be given by applicant to return the same on such terms as may be directed by this Court.

2. In the above company application, the Official Liquidator has filed the Official Liquidator's Report ("OLR") seeking directions inter alia to change the status of applicant from being adjudicated as a secured creditor, to an unsecured creditor and to permit the Official Liquidator to modify its certified list dated 21st January 2016 to remove the name of applicant from the list of secured creditors.

The question that arises for consideration in the present proceedings is-Whethe