1998 (7) TMI 498 - HC - Companies Law

Summary

High Court of Bombay appointed Sales Committee for property disposal to pay creditors. Most properties sold, balance deposited in court. New India Assurance Co. Ltd. unsecured creditor seeking payment of Rs. 22,30,000. Ordered to pay from deposited amount with interest. Withdrawal subject to future claims, indemnity bond required. Sales Committee discharged but may be called back if more claims arise. Claimants to notify New India Assurance Co. Ltd. Judgement dated November 20, 1998.