Export Import Bank Of India - ... vs Accentia Technologies Ltd
2021 Latest Caselaw 8370 Bom

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                  IN THE HIGH COURT OF JUDICATURE AT BOMBAY

                       ORDINARY ORIGINAL CIVIL JURISDICTION

                      INTERIM APPLICATION (L) NO. 1038 OF 2021
                                        IN
                         COMPANY PETITION NO.127 OF 2014

Export Import Bank of India                                      ... Applicant

In The Matter Between

L & T Finance Limited                                            ... Petitioner
      V/s.
Accentia Technologies Limited                                    ...Respondent

                                     ----
Ms. Aneesa Cheema a/w Ms. Mithila Damle i/b Meraki Chambers for
Applicant.
Mr. Aditya Pimple, Advocate for Official Liquidator.
Mr. Mahendhar Aithe, Company Prosecutor present.
                                     ----
                                         CORAM : K.R.SHRIRAM, J.

DATED : 23rd JUNE 2021.

P.C. :

1. Application is for leave to permit applicant to exercise its rights

under the provisions of Securitisation and Reconstruction of Financial Assets

and Enforcement of Security Interest Act, 2002 (SARFAESI Act).

2. Mr. Pimple states that applicant can go ahead and exercise its

rights under SARFAESI Act and as held in the judgment of the Apex court in

Pegasus Assets Reconstruction Private Limited Vs. Haryana Concast Limited

and Another1, applicant shall keep liquidator posted on every development.

1 (2016) 4 supreme Court Cases 47

Purti Parab




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3. Mr. Pimple states that rights of the liquidator to take steps

under SARFAESI Act be kept open.

4. In the circumstances, applicant may take steps as advised under

the provisions of SARFAESI Act, keep the liquidator posted on every

step/development and in any case address a communication every four

weeks if there is no progress also and rights of the liquidator under Section

17 of the SARFAESI Act is kept open.

5. Interim Application No. 1038 of 2021 accordingly stands

disposed.

6. The liquidator to address a suitable communication to applicant

about this order being passed.

7. All to act on authenticated copy of this order.

(K.R. SHRIRAM, J.)

Purti Parab