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Head Note

Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002  - Section 11 , Section 17

Security Interest Enforcement Rules, 2002, Rules 8 and 9 -Companies Act, 1956, Section 529A - SARFAESI - Secured Assets - Sale by creditor under the provisions of SARFAESI - Whether a Company Court, directly or through an Official Liquidator, can wield any control in respect of sale of a secured asset by a secured creditor under the Act, 2002 - Held that no order is required by the Company Judge for association of the Official Liquidator in order to protect the interest of workers and to realize their dues - Sufficient provisions have been made for this purpose under the SARFAESI Act and the Rules framed thereunder - In the event, in the capacity of a borrower the Official Liquidator is not satisfied with the decisions or steps taken by the secured creditor or the authorized officer, at appropriate stage it has sufficient opportunity to avail right of appeal under Section 17 of the SARFAESI Act before the Debts Recovery Tribunal - There is a right of further appeal under Section 18 before the Appellate Tribunal - Required provisions of the Companies Act have been incorporated in the SARFAESI Act for harmonizing this Act with the Companies Act in respect of dues of workmen and their protection under Section 529A of the Companies Act - In view of such exercise already done by the legislature, there is no plausible reason as to take recourse to any provisions of the Companies Act and permit interference in the proceedings under the SARFAESI Act either by the Company Judge or the liquidator.

Topic(s)-SARFAESI - Secured Assets - No recourse to any provisions of the Companies Act