{"id":63372,"date":"2009-01-22T00:00:00","date_gmt":"2009-01-21T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/ifci-ltd-vs-ms-punjab-wireless-system-ltd-on-22-january-2009"},"modified":"2016-03-05T02:52:39","modified_gmt":"2016-03-04T21:22:39","slug":"ifci-ltd-vs-ms-punjab-wireless-system-ltd-on-22-january-2009","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/ifci-ltd-vs-ms-punjab-wireless-system-ltd-on-22-january-2009","title":{"rendered":"Ifci Ltd vs M\/S Punjab Wireless System Ltd. … on 22 January, 2009"},"content":{"rendered":"
Punjab-Haryana High Court<\/div>\n
Ifci Ltd vs M\/S Punjab Wireless System Ltd. … on 22 January, 2009<\/div>\n
C.A. Nos.907-908 of 2008 (O&M)                                       -1-\nin C.P. No.226 of 2003\n\n            IN THE HIGH COURT OF PUNJAB AND HARYANA AT\n                           CHANDIGARH\n\n                                   C.A. Nos.907-908 of 2008 (O&M)\n                                   in C.P. No.226 of 2003\n                                   Date of decision:22.01.2009\n\nIn the matter of :-\n\nM\/s Punjab Wireless Systems Ltd. (in Liqn).\n\nAnd in the matter of:-\n\nIFCI Ltd.                                               .............. Applicant\n\n                                      Vs.\n\n\n1.          M\/s Punjab Wireless System Ltd. (in liqn)\n\n2.          Stressed Assets Stabilization Fund          .............Respondents\n\n\nPresent:    Mr. K.K. Sharma, Advocate\n\n            Mr. Vivek Bhandari, Advocate.\n\n            Mr. Puneet Kansal, Advocate for O.L.\n\n\nCORAM: HON'BLE MR. JUSTICE K. KANNAN\n\n1.          Whether Reporters of local papers may be allowed to see the\n            judgment ? Yes\n2.          To be referred to the Reporters or not ? Yes\n3.          Whether the judgment should be reported in the Digest ? Yes\n                                  -.-\n\nK.KANNAN, J.\n<\/pre>\n
C.A. No.907 of 2008<\/p>\n
            Application allowed.\n<\/p>\n
            Exemption from filing certified copies of Annexures A-1 and A-2<\/p>\n
and permission to place on record true copies of the same is granted.<\/p>\n
C.A. No.908 of 2008<\/p>\n
1.          The application has been presented at the instance of one of the<\/p>\n
secured creditors who has obtained a Recovery Certificate from the Debts<\/p>\n
Recovery Tribunal for recovery of Rs.2745 lacs as on 29.09.2000 by the
\n C.A. Nos.907-908 of 2008 (O&M)                                     -2-\n<\/p>\n
in C.P. No.226 of 2003<\/p>\n
decision of learned Tribunal dated 31.08.2001.\n<\/p>\n
2.         The cause of concern of the secured creditor for its inability to<\/p>\n
recover an amount, which is legitimately due by the failure of Official<\/p>\n
Liquidator to adjudicate the claims of all secured creditors including the<\/p>\n
workmen and distribute the sale proceeds, is required to be done. On an<\/p>\n
earlier occasion when the application has been moved before this Court, an<\/p>\n
order was passed on 23.11.2006 directing the Official Liquidator to<\/p>\n
apportion the sale proceeds of the assets of the company-in-liquidation after<\/p>\n
settling the claims of the creditors at an early date, preferably within a<\/p>\n
period of six months. The six months came and went passed and the sales<\/p>\n
proceeds in the hands of the Official Liquidator were not disposed of.<\/p>\n
Again there was an application filed, C.A. No.607 of 2007, in which similar<\/p>\n
claim was made and Official Liquidator took up an objection that there was<\/p>\n
no provision for making interim disbursals. An elaborate order was passed<\/p>\n
on 28.07.2008 rejecting the contention of the Official Liquidator that the<\/p>\n
Court could not make any interim disbursement within the reasonable limit<\/p>\n
and noting that direction for interim disbursement would always be subject<\/p>\n
to final adjudication of claims and court passed an order entitling the O.L. to<\/p>\n
consider the issue of interim disbursement.       The amount had not been<\/p>\n
disposed of even subsequent to the order passed by this Court on 28.07.2008<\/p>\n
and finding that there was undue delay in the conduct of O.L. in<\/p>\n
adjudicating the claims of the workmen, the secured creditor has again<\/p>\n
moved this application.\n<\/p>\n
3.         The workmen have filed C.A. No.49 of 2009 seeking for<\/p>\n
impleadment of the Chartered Accounts who had been appointed by the O.L.<\/p>\n
for adjudicating the claims and C.A. No.50 of 2009 for impleading the<\/p>\n
Employees Union, as parties. The response of the applicant to these<\/p>\n
applications were that a Chartered Accountant appointed through O.L. to
\n C.A. Nos.907-908 of 2008 (O&M)                                   -3-\n<\/p>\n
in C.P. No.226 of 2003<\/p>\n
consider the claims of various persons was merely to be ministerial act and<\/p>\n
there was no requirement for his impleadment. Similarly as regards the plea<\/p>\n
for impleadment of the workmen since their claims were being adjudicated<\/p>\n
before Official Liquidator, there was no necessity to implead the Employees<\/p>\n
Union in the application for interim disbursement. Although the Employees<\/p>\n
Union had not been impleaded since they were already parties before the<\/p>\n
Official Liquidator.     I had permitted the counsel appearing for the<\/p>\n
employees also to make their submissions.\n<\/p>\n
4.         Applicant has objectors to the claim for interim disbursement or<\/p>\n
the Official Liquidator who had sounded in unison that so long as the claim<\/p>\n
of the workers have not been settled and the Chartered Accountant has not<\/p>\n
finalised the report, it shall not be fair to accommodate the claims of the<\/p>\n
applicant only. The learned counsel appearing for the employees points out<\/p>\n
that the claims of workmen shall rank pari passu with the secured creditors<\/p>\n
and refers to a decision in International Coach Builder Ltd. Vs. Karnataka<\/p>\n
State Financial Corpn. (2003) 10 SCC 482 states that the term “pari<\/p>\n
passu” would mean: “equal steps, equally, without preference” if the claims<\/p>\n
of the workmen have not accommodated, there is no scope for only<\/p>\n
entertaining the claims of the applicant.\n<\/p>\n
5.         The Official Liquidator also objects to any interim payment<\/p>\n
especially when the Court has already granted six months more time to the<\/p>\n
Chartered Accountant to give his report by its order dated 16.01.2009 and<\/p>\n
any interim payment only to one secured creditor would give a privilege to<\/p>\n
one person to utilise a portion of the amount due to it prematurely while<\/p>\n
other persons similarly entitled are not being paid any amount. If any<\/p>\n
amount shall be paid to one of the secured creditors at the time when a final<\/p>\n
reckoning is made for distribution of the assets to all the secured creditors<\/p>\n
who rank pari passu, the person that obtains some amount through interim
\n C.A. Nos.907-908 of 2008 (O&M)                                      -4-\n<\/p>\n
in C.P. No.226 of 2003<\/p>\n
disbursals shall be liable to pay interest from the date when the amount is<\/p>\n
disbursed till the date of the final adjudication of all claims of other persons.<\/p>\n
The learned counsel appearing for the O.L. contended that the amount<\/p>\n
realized through the sale proceeds are right now earning interest and the<\/p>\n
premature disbursal of even a portion of the amount would deplete in sum<\/p>\n
interest accruals at least for a portion of the amount and to that extent the<\/p>\n
other persons like the workers who rank in their claims at par shall be<\/p>\n
deprived of that benefit.\n<\/p>\n
6.         I see the weight of objections raised on behalf of the workmen<\/p>\n
and the counsel for the Official Liquidator. The power of the O.L. to make<\/p>\n
interim disbursals itself cannot be a matter of serious doubt. If all relevant<\/p>\n
materials are available and a substantial body of creditors are identified, it<\/p>\n
shall always be possible to make interim disbursals, which would subject to<\/p>\n
the final outcome of the adjudication after entertaining claims from all<\/p>\n
quarters. The gravity of the problem is seriously experienced only by the<\/p>\n
fact that the sale processes have taken place even in the year 2006 and the<\/p>\n
first direction of the Court for disbursement was made as early as on<\/p>\n
23.11.2006, when it was expected that the claims would be disposed of, in<\/p>\n
six months from 23.11.2006. The applicant has a particular reason to nudge<\/p>\n
for its claims only because even after securing an award before the Debts<\/p>\n
Recovery Tribunal, amounts are not still being disbursed. The difficulty<\/p>\n
experienced by the O.L. in identifying all the creditors seems to be real<\/p>\n
because the company itself had its operations not merely in Haryana but also<\/p>\n
in the adjoining State of Rajasthan where it had another factory. Normally I<\/p>\n
would have directed that no interim disbursal could be made without<\/p>\n
definite data on the respective claims of the secured creditors and the<\/p>\n
workmen. Since the adjudication regarding the entitlement of the workmen<\/p>\n
have not been finalized owing to the inability of the O.L. to receive all the
\n C.A. Nos.907-908 of 2008 (O&M)                                    -5-\n<\/p>\n
in C.P. No.226 of 2003<\/p>\n
claims and due to his experience of receiving more claims from several<\/p>\n
persons with applications to condone the delay, it will be inappropriate to<\/p>\n
kept it in a state of limbo endlessly and it will mean flouting of earlier<\/p>\n
direction of this Court where it had specifically laid down that there was<\/p>\n
justification for interim payment in favour of the applicant.<\/p>\n
7.         To set the scales even, I find that pending adjudication of all<\/p>\n
claims, the applicant would be disbursed a portion of the amount and having<\/p>\n
regard to the Award already passed by the Debts Recovery Tribunal, I direct<\/p>\n
that 25% of the claim less expenses incurred for the conduct of sale could be<\/p>\n
disbursed in favour of the applicant-company. This is wholly provisional<\/p>\n
and the amount could be disbursed on securing an undertaking that if there<\/p>\n
is any amount paid in excess than what the company financed, it shall<\/p>\n
reimburse the same. There shall be also a further liability on the Company<\/p>\n
to pay interest @ 9% from the date of disbursement till the date when<\/p>\n
accounts are drawn finally after considering all the claims and when the<\/p>\n
money is distributed to the workmen also. The direction for payment of<\/p>\n
interest by the Company that obtains a premature withdrawal was approved<\/p>\n
by a decision of a Division of the Madras High Court in ICCI Bank Ltd. Vs.<\/p>\n
Official Liquidator High Court, Madras and others (2008) 142 Comp Cas<\/p>\n
1(Mad). This direction is only to assuage the claims of the workmen whose<\/p>\n
lis has not been finalised and whose claims have not been fully addressed<\/p>\n
although they are equally entitled. Even at the time of disbursal, if the O.L.<\/p>\n
has obtained a sizable number of claims from workmen, it shall be open to<\/p>\n
the O.L. to determine a portion of the amount that would bear the same<\/p>\n
proportion which the applicant-Company is being paid out of its total<\/p>\n
entitlement with similar restrictions regarding the undertaking and payment<\/p>\n
of interest as issued to the applicant-Company.\n<\/p>\n
8.         The above application is disposed of in the above terms. The
\n C.A. Nos.907-908 of 2008 (O&M)                            -6-\n<\/p>\n
in C.P. No.226 of 2003<\/p>\n
applications for impleadment in C.A. Nos.49 and 50 are disposed of as<\/p>\n
unnecessary.\n<\/p>\n<\/p>\n
                                       (K. KANNAN)
\n                                            JUDGE
\nJanuary 22, 2009
\nPankaj*\n <\/p>\n","protected":false},"excerpt":{"rendered":"
Punjab-Haryana High Court Ifci Ltd vs M\/S Punjab Wireless System Ltd. … on 22 January, 2009 C.A. Nos.907-908 of 2008 (O&M) -1- in C.P. No.226 of 2003 IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH C.A. Nos.907-908 of 2008 (O&M) in C.P. No.226 of 2003 Date of decision:22.01.2009 In the matter of :- […]<\/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":[8,28],"tags":[],"class_list":["post-63372","post","type-post","status-publish","format-standard","hentry","category-high-court","category-punjab-haryana-high-court"],"yoast_head":"\nIfci Ltd vs M\/S Punjab Wireless System Ltd. ... on 22 January, 2009 - 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\/ifci-ltd-vs-ms-punjab-wireless-system-ltd-on-22-january-2009\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ifci Ltd vs M\/S Punjab Wireless System Ltd. ... on 22 January, 2009 - 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