{"id":144589,"date":"2011-02-11T00:00:00","date_gmt":"2011-02-10T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/sri-bahibali-cement-ltd-vs-unknown-on-11-february-2011"},"modified":"2018-04-05T01:00:27","modified_gmt":"2018-04-04T19:30:27","slug":"sri-bahibali-cement-ltd-vs-unknown-on-11-february-2011","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/sri-bahibali-cement-ltd-vs-unknown-on-11-february-2011","title":{"rendered":"Sri Bahibali Cement Ltd. vs Unknown on 11 February, 2011"},"content":{"rendered":"
Patna High Court – Orders<\/div>\n
Sri Bahibali Cement Ltd. vs Unknown on 11 February, 2011<\/div>\n
              IN THE HIGH COURT OF JUDICATURE AT PATNA\n                          COM PET No.13 of 2003\n             IN THE MATTER OF SRI BAHUBALI CEMENT LTD.\n                           (IN LIQUIDATION)\n                                 -----------\n<\/pre>\n
68.   11.02.2011           I.A.No.5855 of 2010 has been filed by the ex-<\/p>\n
                      Directors of the company in their capacity as guarantors of<\/p>\n
                      the secured loans granted to the company in liquidation by<\/p>\n
                      the BICICO and State Bank of India. The applicants claim<\/p>\n
                      that they have settled the dues of the BICICO and State<\/p>\n
                      Bank of India by paying a total amount of Rs. 76,89,204\/-<\/p>\n
                      and thus they are entitled for repayment of the said amount<\/p>\n
                      from the sale proceeds of the assets of the company lying<\/p>\n
                      in the hands of the Official Liquidator.<\/p>\n<\/blockquote>\n
                           In my view, any claim by the secured creditors could<\/p>\n
                      be made only after the claims would be invited by the<\/p>\n
                      Official Liquidator in terms of the provisions of the<\/p>\n
                      Companies Act. The position of the applicants cannot be<\/p>\n
                      higher than that of the secured creditors. Hence, they also<\/p>\n
                      will have to raise their claim before the Official Liquidator<\/p>\n
                      as and when claims are invited by him.\n<\/p><\/blockquote>\n
                           The interlocutory application is accordingly disposed<\/p>\n
                      of with liberty to the applicants to approach the Official<\/p>\n
                      Liquidator as and when he invites claims from the<\/p>\n
                      creditors and others.\n<\/p><\/blockquote>\n
\n<\/blockquote>\n
                                               (Ramesh Kumar Datta,J.)<\/p>\n
      Spal\/\n <\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"
Patna High Court – Orders Sri Bahibali Cement Ltd. vs Unknown on 11 February, 2011 IN THE HIGH COURT OF JUDICATURE AT PATNA COM PET No.13 of 2003 IN THE MATTER OF SRI BAHUBALI CEMENT LTD. (IN LIQUIDATION) ———– 68. 11.02.2011 I.A.No.5855 of 2010 has been filed by the ex- Directors of the company in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,27],"tags":[],"class_list":["post-144589","post","type-post","status-publish","format-standard","hentry","category-high-court","category-patna-high-court-orders"],"yoast_head":"\nSri Bahibali Cement Ltd. vs Unknown on 11 February, 2011 - Free Judgements of Supreme Court & High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/sri-bahibali-cement-ltd-vs-unknown-on-11-february-2011\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sri Bahibali Cement Ltd. vs Unknown on 11 February, 2011 - 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