Gujarat High Court Case Information System
Print
COMA/365/2010 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY
APPLICATION No. 365 of 2010
=========================================
TEXTILE
LABOUR ASSOCIATION
Versus
OFFICIAL
LIQUIDATOR OF RAIPUR MANUFACTURING CO LTD & others
=========================================
Appearance :
MR
DS VASAVADA for Applicant
MR JS YADAV for Respondent(s) : 1,
MR
ANIP A GANDHI for Respondent(s) : 6,
MR MD RANA for Respondent(s)
: 8
Ms. Sangeeta Pahwa for MR NAVIN K PAHWA for Respondent(s) :
14,
======================================
CORAM
:
HONOURABLE
MR.JUSTICE ANANT S. DAVE
Date
: 02/05/2011
ORAL
ORDER
1 Heard
the learned advocates for the parties.
2 Applicant,
Textile Labour Association, has filed this application with a prayer
to work out the property-wise ratio and to disburse the amount in
proportionate to the ratio fixed by the Chartered Accountant. In
support of Judge’s Summons, affidavit is also filed by the authorized
signatory and it is claimed that the workers are at least entitled to
Rs.4.55 crores along with interest to be paid by them. It is further
submitted that, at least, ad-hoc and provisional disbursement may be
made subject to realization of further amount by sale of property and
considering the Official Liquidator Report dated 19.1.2011.
3 Learned
counsel for the secured creditors have submitted that the documents
submitted by them including charge registration documents be also
verified and the amount may also be disbursed to them by the Official
Liquidator.
4
In paragraph 3, the Official Liquidator has referred to the report of
the Chartered Accountant dated 26.1.2010 and the total claim of the
secured creditors received by the Official Liquidator and on
verification of the claims of the secured creditors of the company,
the amount found admissible to them by the Chartered Accountant is
also referred. Paragraph 4 of the report refers to the ratio of
distribution/disbursement of the fund available with the Official
Liquidator to the secured creditors as well as workers and,
accordingly, ratio of 63.7% is worked out in favour of the workers.
The report also refers to the order dated 23.8.2004 passed by the
learned Company Judge in Company Application No.302 of 2003 by which
disbursement of Rs.5 crore was ordered to be paid having found first
charge in favour of the secured creditors on the assets of the
company and, in fact, the said amount was paid by the ICICI to other
secured creditors. Reference is also made to the order dated 7.5.2008
in OLR No.138 of 2006 by the learned Company Judge and pendency of
OJ Appeal No.141 of 2008 before this Court and availability of funds
of Rs.5.10 crore in the account of the company.
5 In
view of the above and particularly on earlier occasion Rs.5 crore
each was disbursed amongst secured creditors and the workers and
considering the ratio of workers fixed by the Chartered Accountant
as 63.57% for further disbursement in favour of workmen out of fund
of Rs.5.10 crores, keeping the balance amount for disbursement to
other secured creditors, at this stage, I am inclined to grant
provisional disbursement in favour of the workmen to the tune of Rs.3
crores to be paid by the Official Liquidator from the account of the
company as per normal procedure followed by the Official Liquidator
through account payee cheque on proper identification by the
authorized representative of the TLA.
With
the aforesaid direction, this application is allowed.
(ANANT
S. DAVE, J.)
(swamy)
Top