JUDGMENT 1. - The matter comes up on an application of the Rajasthan State Industrial Development & Investment Corporation Ltd. (RIICO) under Rules 6 and 9 of the Companies (Court) Rules, 1959 (hereinafter 'the 1959 Rules') for direction to the Official Liquidator to hand over the possession of the assets of M/s. C.V. Steel Limited back to the applicant RIICO. 2. The relevant facts for adjudication of the application are that M/s. CV Steel Limited entered into a term loan agreement with the RIICO. Apparently on the borrower company having defaulted on its obligation on the repayment terms of the term loan agreement, RIICO in the exercise of powers under Sections 29 and 30 of the State Financial Corporations Act, 1951 (hereinafter 'the 1951 Act') took possession of the mortgaged assets of the aforesaid company some time in the year 2000. Thereafter in a winding up petition filed against the company this court under its order dated 19-7-2002 directed the respondent company to be wound up. The Official Liquidator took possession of the assets of the company from RIICO on 19-1-2007 as directed by the Company Court. 3. However thereafter the winding up order dated 19-7-2002 was recalled by this court on 5-8-2010 with certain conditions on an application filed by the directors of the company in winding up. 4. Subsequently, the proceedings under the provisions of Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter 1985 Act') in respect of the company M.s, C.V. Steel Limited before the BIFR were dropped vide order dated 14-3-2012 for reasons of it not being a sick industrial company within the meaning of the term as defined in the 1985 Act. It would be in place to record that the appeal against the dismissal of the reference under Section 16 of the 1985 Act filed by M/s. CV Steel Limited before the AAIFR and a writ petition before the Delhi High Court both failed. Consequently M/s. CV Steel Limited is presently not a sick industry under the 1985 Act. 5. The case of the applicant RIICO is that as M/s. CV Steel Limited is not presently under winding up, nor has the official liquidator been appointed a provisional liquidator the possession of the assets of the M/s. CV Steel Limited should be returned to the RIICO. 5. The case of the applicant RIICO is that as M/s. CV Steel Limited is not presently under winding up, nor has the official liquidator been appointed a provisional liquidator the possession of the assets of the M/s. CV Steel Limited should be returned to the RIICO. It has been submitted that the right of RIICO to exercise its powers under Sections 29 or other provisions of the 1985 Act are not in the present circumstances under any legal obstruction and the RIICO is free to take requisite steps as available in law for realising its outstanding amount of Rs. 1,79,38,061/- as on 2-6-2000, with further interest from the assets mortgaged by M/s. C.V. Steal Limited. 6. The official liquidator has no objection to the assets of the M/s. CV Steel Limited being handed over to RIICO. It has however been submitted by his counsel that the expenses expanded by the official liquidator since taking over possession of the assets of the M/s. CV Steel Limited on 8-1-2007 till handing over assets to RIICO be provided for or safeguarded. It has been pointed out that though this court has vide its order dated 12-12-2014 directed the directors of M/s. C.V. Steel Limited to reimburse expenses to the Official Liquidator as expanded towards security of immovable assets of the M/s. CV Steel Limited during the period the assets were in the Official Liquidator's possession, yet the payment has not been forthcoming. And until the expenses as aforesaid are indeed receipted by the official liquidator, it be ensured that in the unlikely event of non payment, the Official Liquidator be reimbursed from the proceeds obtained from the sale of the assets of the respondent company. 7. While the M/s. CV Steel Limited is not party to the application filed by RIICO, and rightly so in the context of the prayer in the application under consideration it proceeded to file a reply to RIICO's application along with a counter affidavit. Therein it has been submitted and reiterated by Company's counsel Shri Rajendra Salecha that when the assets of the company M/s. CV Steel Limited are handed back to the RIICO by the official liquidator they should be inventarised in presence of the representatives of the M/s. CV Steel Limited which continues to have ownership of the assets in issue. 8. Therein it has been submitted and reiterated by Company's counsel Shri Rajendra Salecha that when the assets of the company M/s. CV Steel Limited are handed back to the RIICO by the official liquidator they should be inventarised in presence of the representatives of the M/s. CV Steel Limited which continues to have ownership of the assets in issue. 8. Having heard learned counsel for the parties, in recognition of the powers of the RIICO under Sections 29 of the 1985 Act over the assets mortgaged to it; taking into consideration that the winding up order of the M/s. CV Steel Limited passed on 19-7-2002 has been recalled by this court court on 5-8-2010 and that the official liquidator has not been appointed as provisional official liquidator of the M/s. CV Steel Limited by the company court, the official liquidator is directed to hand back the assets of the M/s. CV Steel Limited to the RIICO as earlier obtained on 19-1-2007. 9. I however do not presently find any occasion to issue any direction for recovery of expenses expanded on protection of assets of the M/s. CV Steel Limited while in possession of the official liquidator from the sale of the assets in question by RIICO in view of the fact that this court while passing the order dated 5-8-2010 recalling the winding up order dated 19-7-2002 on the application of the directors of the M/s. CV Steel Limited, had directed that the liability of the expenses expanded by the official liquidator for protection of assets of the company shall be of the directors of the company on whose behalf the winding up order was recalled. 10. Further, as the counsel both for the official liquidator as also RIICO have no objection on presence of the representatives of the M/s. CV Steel Limited at the time of handing over possession of the assets of the company by the official liquidator to the RIICO, I would allow the representatives of the M/s. CV Steel Limited to be present at the time of handing over possession of the assets to the RIICO by the official liquidator, during which time assets also be also inventarised and duly notarised. The handing over of possession of the assets of the company from the official liquidator to RIICO shall take place on December 29, 2014 at 1.00 PM. The handing over of possession of the assets of the company from the official liquidator to RIICO shall take place on December 29, 2014 at 1.00 PM. The company M/s. C.V. Steel Limited should ensure the presence of its officials at the aforesaid time. Notice to counsel for the company, Mr. Rajendra Salecha shall constitute as agreed by counsel, notice to M/s. C.V. Steel Limited. 11. The application stands disposed of accordingly.All corrections made in the order have been incorporated in the order being emailed.Arun Kumar Sharma, Private Secretary. *******