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COMA/188/2010 5/ 5 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY
APPLICATION No. 188 of 2010
In
COMPANY
PETITION No. 26 of 1998
===================================
BANK
OF BARODA - Applicant
Versus
OFFICIAL
LIQUIDATOR OF M/S RATNALABH CHEMICALS PRIVATE - Respondent
===================================
Appearance
:
MR
BHARAT JANI for Applicant.
MR MRUGESH JANI for Official
Liquidator.
===================================
CORAM
:
HONOURABLE
MR.JUSTICE K.A.PUJ
Date
: 06/08/2010
ORAL ORDER
The
applicant Bank of Baroda has taken out this Judge’s Summons
praying for the direction to the Official Liquidator to determine
the inter-se ratio for the purpose of final distribution between the
Secured Creditors and the workers, if any. The applicant has
further prayed for the direction to make an adhoc disbursement of an
amount as deemed fit by this Court.
An
affidavit in support of the Judge’s Summons is filed by the Chief
Manager, Asset Recovery Management Branch of the applicant Bank.
Mr. Bharat Jani, learned advocate appearing for the applicant has
submitted that the Company went into liquidation on 14.09.2000. The
Official Liquidator has thereafter filed Official Liquidator Report
No.41 of 2004, inter alia,
praying for confirmation of sale of plant and machinery, building
structure and shed other than land, time keeper’s office etc. The
same was confirmed in favour of M/s. Noble Trading Company for
Rs.4.51 Lacs in respect of the plant and machinery, building
structure and shed. Thereafter, sale of land was also confirmed for
Rs. 30 Lacs.
Mr.
Jani further submitted that the claims were invited by the Official
Liquidator. However, except the applicant Bank, neither Secured
Creditor nor any worker has lodged its claim. The claim of the
applicant Bank was referred to the Chartered Accountant and the
Chartered Accountant has submitted his report on 25.05.2010. He
has, therefore, submitted that since the applicant Bank is the only
Secured Creditor, the amount realized by the Official
Liquidator from sale of the assets of the Company in liquidation,
after deducting the expenses, the balance amount should be disbursed
in favour of the applicant Bank.
The
Official Liquidator has filed his report on 22.02.2010 along with
the report of the Chartered Accountant. Further report was filed by
the Official Liquidator on 26.06.2010. The Chartered Accountant in
his report has observed that on verification of the records made
available to him, the Bank of Baroda has provided an affidavit of
proof of debt claiming total dues of Rs.1,82,60,353/- upto the date
of 14.06.2008 which includes the claim of Rs.1,26,62,436/- upto the
date of winding up i.e. 14.09.2000. This claim also includes
interest of Rs.10,18,817/- for the period from 30.03.1999 to
14.09.2000 @ 6% as recommended by DRT. On the basis of these facts
and records, the Chartered Accountant has given his opinion that
Bank of Baroda is the only Secured charge holder of the Company in
liquidation and eligible for the claim of Rs.1,26,62,436/- upto the
date 14.09.2000 i.e. the date of winding up. The Official
Liquidator has further stated that he is having the fund for an
amount of Rs.32,95,303/- in the Company’s account. He has sought
the permission to keep an amount of Rs.2,95,303/- to meet with
future expenses and Rs.30 Lacs can be disbursed in favour of the
applicant Bank. In his further report dated 26.06.2010, he has
given the statement of receipt and payment and thereafter sought the
permission to retain the amount of Rs.2,95,303/- and to make the
payment of Rs.27,575/- to the Chartered Accountant against his
professional bill dated 13.07.2010.
Having
heard learned advocates appearing for the parties and having
considered the documents produced on record as well as the report
filed by the Chartered Accountant as well as the Official
Liquidator, the Court is of the view that the applicant Bank being
the only Secured Creditor, the amount realized on the sale of the
assets of the Company in liquidation is required to be disbursed in
favour of the applicant Bank. Since the amount of Rs.32,95,303/- is
available on the Company’s account for disbursement after taking
into consideration all expenses incurred by the Official Liquidator,
the Official Liquidator is directed to disburse an amount of Rs.32
Lacs in favour of the applicant Bank after obtaining an usual
undertaking from the Bank stating therein specifically that in case,
any claim arises against the Company in liquidation either by any
Secured Creditor or Worker or any Statutory Creditor and the same is
required to be satisfied, the applicant Bank shall be liable to
return the amount to this extent with prevalent rate of interest to
the Official Liquidator. The Official Liquidator is further
permitted to make the payment to the Chartered Accountant towards
his professional bill as per the Scheme sanctioned by this Court.
With
this direction and observation, this application is accordingly
disposed of.
Sd/-
[K. A. PUJ, J.]
Savariya
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