This is concerned to DRT as Bank has issued Notice under Sec.13[4] to the Liqidator for taking symbolic possession.
I expect whether DRT will admit the Party to the case or Reject the application of my Client who has got support of shareolders of sugar Factory and their Authority and POA to protect their interest through DRT and as an agrieved party.
This is a different case,and i look for your opinion.
there is Coop. sugar Factory in Maharashtra.
It went in liquidation in 2007.
Factory was financed by NCDC and Kolahapur Dist. Bank.
NCDC issued notice under securitisation and ultimately filed in DRT,Pune.
KDCC has recently issued Notice under 13[4] and obtained symbolic possession.
The KDCC has issued notice to Liquidator as Chairman and all other Directors,those were in capacity as Guarantors.[Last known board of Directors.
Now i want my client to become party to this case in DRT.
[Why?
[ We dont want that auction should take place or else my proposed Client will not be able to buy this factory as there will be top Political Leader are eying on this Factory]
Therefore,i suggested my client that if he takes entry in this case at this stage,he can make application for settlement of Dues or he can give proposal to DRT or NCDC AND Kolhapur Bank.
Now making application before DRT,what i proposed,
There are Shareholders of this Factory.They can be agrieved party because KDCC has issued Public Notice under 13[4] .So their interest has been affected.
In such circumstances can DRT will consider to make my client party to this case who represents 100 to 1000 shareholders having their written support .[to protect the interest of Farmers]
Or Else farmers has supplied sugarcane and payment is due and not made by factory.In such case also can they approach DRT for toget their claim and make necessary party .
Please write to me about this situation,as how and by which way entry can be made in DRT ?
Regards,
Vijay
