Hon'ble RASTOGI, J.—Matter has come upon misc. application (Inward-24680/dt.22.11.2010) filed by respondent-1 (Prakash Jhunjhunwala) in Company Appeal-1/2009 U/r 9 of Company (Court) Rules, 1959, assailing proceedings initiated by appellant Bank (secured creditor) regarding auction of immovable property (E-16, IPI Area, Electronics Complex, Kota) held on 22.9.2010; and seeking direction to the appellant-Bank to hold auction proceedings afresh in accordance with procedure under Security Interest (Enforcement) Rules, 2002 (“Rules, 2002”).

2. It is a matter of record that appellant-Bank preferred company appeal u/S. 10-F of Indian Companies Act, 1956 (“Co. Act”) against order dt.10.3.2009 of the Company Law Board and while admitting appeal, interim order was passed by Company Court on 24.7.2009 which was sought to be modified by appellant Bank by way of application, which was partly accepted vide order dt.15.4.2010 whereby liberty was granted to appellant Bank to dispose of imm-ovable assets in its possession by adopting the procedure provided under law.

3. However, it was further observed that amount of sale proceeds be kept in a separate fixed deposit account subject to final outcome

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