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COMA/415/2010 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
COMPANY
APPLICATION No. 415 of 2010
In
COMPANY
PETITION No. 55 of 2007
======================================
ASSETS
RECONSTRUCTION COMPANY(INDIA) LTD - Applicant(s)
Versus
OFFICIAL
LIQUIDATOR OF LA BEL LAMINATES PVT LTD - Respondent(s)
======================================
Appearance :
MR
ANIP A GANDHI for Applicant(s) : 1,
OFFICIAL LIQUIDATOR for
Respondent(s) : 1,
MS AMEE YAJNIK for Respondent(s) : 1,
MR
NITIN K MEHTA for Respondent(s) :
1,
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CORAM
:
HONOURABLE
MR.JUSTICE ANANT S. DAVE
Date
: 04/02/2011
ORAL
ORDER
1 This
Judge’s Summons is taken out by the applicant with a prayer to direct
the Official Liquidator to distribute the amount on ad-hoc basis to
the applicant from the sale proceeds of the assets of the company [in
liquidation]. Learned counsel for the applicant submits that pursuant
to the order dated 7.2.2008 passed in Company Petition No.55 of 2007,
the respondent-company is ordered to be wound up and, as per the
order dated 9.9.2010 passed in OLR No.84 of 2010, the property of the
company was sold for Rs.8.01 crores. The Official Liquidator has
already issued advertisement inviting claims and the last date of
inviting claims was 10.12.2010. The applicant being the assignee of
debts of the State Bank of Saurashtra, now all the right, title and
interest has been vested in the assignee and reliance is placed on
the assignment agreement dated 29.3.2007. It is further submitted
that, so far as the decree passed by the DRT, Ahmedabad, in OA No.242
of 1998, vide order dated 23.1.2004, is concerned, no appeal was
preferred and the applicant being the assignee of its predecessor,
State Bank of Saurashtra, is entitled to recover the total decretal
amount.
2 The
Official Liquidator has filed report and has submitted that the
secured claim of the applicant can be disbursed on ad-hoc basis and,
as per the Official
Liquidator, as on the date of the winding up order and as per the
statement of affairs filed by the Ex-Directors of the Company, the
said amount was Rs.1,43,38,287/- and the above amount can be
disbursed on ad-hoc basis subject to file undertaking by the
applicant to the effect that if on verification of claim of the
applicant it is found that some excess payment has been made on adhoc
basis, the said excess amount shall be returned to the Official
Liquidator immediately on receipt of demand.
3 Having
heard the learned advocates for the parties, considering the record
of the case and the affidavit of proof of debt filed by the applicant
as well as the OLR, prima-facie, it appears that the decree passed by
the DRT, Ahmedabad, in OA No.242 of 1998, vide order dated 23.1.2004,
has remained unchallenged and for all purposes it has become final.
However, at this stage, on prima-facie verification, the claim of
the applicant being Rs.1,43,38,287/-, I am inclined to accept the
prayer to permit the Official Liquidator to disburse Rs.1,43,38,287/-
to the applicant on adhoc basis on filing an undertaking as asked
for.
4 The
expenses, as mentioned in paragraph 6 of the affidavit, stand
approved and be paid subject to due verification.
5 Advertisement
expense of Rs.42,794/- to M/s. Navnitlal Company, Advertising Agency,
also stands approved.
This
application stands disposed of accordingly.
(ANANT
S. DAVE, J.)
(swamy)
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