BY THE COURT

This Company Application under Rule 9 of the Companies (Court) Rules, 1959 (hereinafter “the Rules of 1959”) has been filed by the Official Liquidator (hereinafter “OL”) with the prayer that the respondent—Rajasthan Financial Corporation (hereinafter “RFC”) be directed to deposit the auction amount received by it from the sale, which was confirmed by the Company Court on 28.07.2011, of the immovable assets of the company in liquidation.

To address the prayer made, it is necessary to state the factual background.

M/s. Shield Shoe Company Private Ltd. (hereinafter “the Company in liquidation”) was ordered to be wound up by this Court on 12.05.1989 in S.B. Company Petition No.12/1987 (titled as Registrar of Companies Vs. M/s. Shield Shoe Company Pvt. Ltd.). Under the said order, the powers under Section 457(1) of the Companies Act, 1956 (hereinafter “the Act of 1956”) were conferred on the O.L. At the time of passing of the winding up order, the assets of the company in liquidation were under lock and key of a secured creditor i.e. Central Bank of India commencing the year 1986. Following the winding up order and the appointment of the O.L. as the liquidator of