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COMA/382/2008 3/ 3 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY
APPLICATION No. 382 of 2008
In
COMPANY
APPLICATION No. 190 of 2006
=========================================================
ASSETS
RECONSTRUCTION COPANY (INDIA) LTD. - Applicant(s)
Versus
O.L.
OF SANDEEP INDUSTRIES LIMITED (IN LIQN.) - Respondent(s)
=========================================================
Appearance
:
MR
PR NANAVATI for
Applicant(s) : 1,
OFFICIAL
LIQUIDATOR for
Respondent(s) :
1,
=========================================================
CORAM
:
HONOURABLE
MR.JUSTICE C.K.BUCH
Date
: 01/09/2008
ORAL
ORDER
Heard
Mr. Premal Nanavati, learned counsel appearing for the applicant.
The
present Judges’ Summons has been taken out for following main
reliefs.
[A] Your
Lordhsips may be pleased to direct the Official Liquidator to refund
the amount of Rs. 2,00,000/- [Rs. Two lacs only] deposited by the
applicant, pursuant to the order dated 3.5.2006 passed in Company
Application No. 190 of 2006 towards payment to the security agency.
[B] Pending
hearing and final disposal of this Company Application, by an interim
order, Your Lordships may be pleased to direct the Official
Liquidator to refund the amount of Rs. 2,00,000/- [Rs. Two lacs only]
deposited, pursuant to the order dated 3.5.2006 passed in Company
Application No. 190 of 2006.
I
have considered the affidavit filed in support of the Judges’ Summons
and the report submitted by the Official Liquidator.
Grievance
of the Official Liquidator is that till date, no documentary evidence
has been received by the office of the Official Liquidator from the
applicant, i.e. Assets Reconstruction Company [India] Ltd / M/s.
Usha Martin Finance, or from other secured creditors of the company
in liquidation. However, it is submitted in clause [B] of Para-14
that the Official Liquidator, if permitted, may refund the amount of
Rs. 2.00 lakhs deposited by the applicant. According to the
applicant, this amount of Rs. 2.00 lakhs was deposited on ad-hoc
basis and the same was not required to be paid to any security agency
at all. The amount of sale consideration is with the Official
Liquidator. So, at present, the amount of Rs. 2.00 lakhs can be paid
from the sale consideration to the applicant as amount deposited on
ad=hoc basis and the said payment should be considered as refund of
amount paid earlier.
There
is enough strength in the say of the Official Liquidator that at
least the applicant company should be directed to produce legitimate
claim supported by the documents and should disclose the position of
dues on the date of winding up so that the claim of the company can
be verified along with other secured creditors, if any, which will,
help the Official Liquidator in getting the claim scrutinized by
Chartered Accountant and fixing the ratio amongst all secured
creditors.
Mr.
Nanavati submits that the applicant company shall submit its claim at
the earliest, preferably within two weeks from today.
In
view of the statement made by Mr. Nanavati, the present Company
Application is ordered to be disposed of with appropriate direction
to both the parties, meaning thereby, now, the applicant shall prefer
a claim within two weeks from today before the Official Liquidator
and the Official Liquidator then, shall refund the amount of Rs. 2.00
lakhs to the applicant company at the earliest, i.e. within one week
from today. Premature realization of F.D.R, if any, is permitted. The
application is disposed of in terms of the above. Direct service is
permitted.
[C.K.
BUCH, J.]
pirzada/-
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