Friday 23 August 2013

Official liquidator can be associated with sale of assets of liquidating co. by DRT without leave of

CL : Debt Recovery Tribunal by itself or through its recovery officer under provisions of Recovery of Debts due to Banks and Financial Institutions Act, 1993 is empowered to sell assets of a company under liquidation at instance of secured creditor without leave of company Court but associating with Official Liquidator since he is deemed to have pari-passu charge of assets under section 529A


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