Company law and securitisation

N.J. (Querist) 29 November 2011 This query is : Resolved
2.If a Bank has issued notice under section 13(2) of SARFAESIA and has subsequently taken symbolic possession of the defaulter’s property under section 13(4) of the SARFAESIA, then, can a provisional official liquidator be appointed for the same purpose?

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Devajyoti Barman (Expert) 29 November 2011
Why, you have to first approach the Magistrate for its sale.

RAJU O.F., (Expert) 01 December 2011
SARFAESI Act will prevail and the bank can proceed under the said act.

N.J. (Querist) 02 December 2011
But, Sir, Section 37 of the SARFAESIA states that the Act shall be in addition to, and not in derogation of the Companies Act, 1956. In any case, what I want to know is whether the Official/Provisional Liquidator can be appointed simultaneously with the taking over possession of property under Sect 13(4) of the SARFAESIA.

N.J. (Querist) 02 December 2011
And If you could explain the legal workings behind any conclusion..that would be very helpful. Thank You.:)

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