ORDER
Shiv Kumar Sharma, J.
1. The order dated 16-10-2001 of the Recovery Officer, Debt Recovery Tribunal, Jaipur (for short 'DRT') is under challenge in the instant application.
2. A Company, Rajasthan Woollen Limited was directed to be wound up by this Court vide order dated 18-9-1987. During the pendency of the winding up proceedings the Official Liquidator (for short 'OL') realised for sum of Rs. 6,57,635.65 from the sale of furniture, shoddy yarn, rags and woollen waste etc. Sum of Rs. 9,395 was also realised afterwards. The realised amount was invested by the OL in FDR with the Corporation Bank (respondent). The respondent-Bank is a secured creditor. The FDR's were directed to be made on the request of the respondent-Bank itself.
3. The respondent-Bank filed a recovery application in DRT for the recovery of its dues as a secured creditor as against the company in liquidation and the Guarantors. The DRT allowed the recovery application on 14-8-1996 and passed decree for a sum of Rs. 50,87,021.70 with interest.
4. It is contended by the learned Counsel for the OL that realising the securities outside the winding up proceedings is against the law. In Allahabad Bank v. Canara Bank : [2000]2SCR1102 , it was held that every creditor has a right to appropriately get the share of sale proceeds. Reliance is also placed on International Coach Builders Ltd. v. Karnataka State Finance Corporation [2003] 10 SCC 4821 and B. Shoes Ltd. v. Indian Overseas Bank Special Leave to Appeal (Civil) No. 3636 of 2003, order-dated 14-11-2003.
5. Per contra learned Counsel for the respondent-Bank canvassed that Section 34 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (for short 'RDB Act') overrides the Companies Act, to the extent there is anything inconsistent between the Acts. Reliance is placed on Allahabad Bank's case (supra).
6. I have pondered over the submissions.
7. In B. Shoes Ltd.'s case (supra) Their Lordships of the Supreme Court granted leave and framed following question-
Whether the Debt Recovery Tribunal can direct sale of assets of a company which has been wound up and the Official Liquidator is appointed.
8. Looking to the fact that issue involve in the instant matter is directly related to the question framed by the Apex Court, I direct that the respondent-Bank shall not utilise the amount of FDR's invested by the O.L. with it till further orders.
9. The application stands disposed of. The parties shall be at liberty to file applications seeking modification of this order after the decision in B. Shoes Ltd.'s case (supra).