Hemant Gupta, J.

1. This order shall dispose of C.A. Nos. 881 and 845 of 2002.

2. M/s. Northland Sugar Complex Ltd. was a company incorporated and registered under the provisions of the Companies Act, 1956 (hereinafter to be referred as "the Act") having its registered office at Village Randhawa (Dasuya), District Hoshiarpur. The said company was ordered to be wound up on 9-10-1997 vide order passed in C.P. No. 45 of 1996. Before the order of winding up was passed, the applicant-bank claimed that the securities charged to the consortium of Banks as a secured creditors cannot be sold or disposed of in any manner. This Court while passing the order of winding up ordered that the assets and securities charged to the consortium of banks shall be out of the winding up proceedings. It was held to the following effect :

"As regards the objection raised by Mr. Narang, it is directed that the eonsortiurn of Banks shall give details to the Official Liquidator of the assets and securities charged to the consortium of Banks and on verifying and having been satisfied, the Official Liquidator shall keep the assets and securities charged to the Consortium of Bank being secured creditors,