2013 (8) TMI 1068 - HC - Companies Law

Summary

Issues involved:
1. Direction to deposit sale proceeds by IFCI with the Official Liquidator.
2. Processing of claim by Stressed Assets Stabilisation Fund (SASF).
3. Settlement agreement between Zullu Security (India) Pvt. Ltd. and IFCI.
4. Scrutiny of claim by Alcatel Lucent India Ltd.

Direction to deposit sale proceeds by IFCI with the Official Liquidator:
In the case, the Official Liquidator (OL) filed Report No.548/2013 requesting IFCI Ltd. to deposit the entire sale proceeds with interest for payments to creditors. IFCI argued that the amount could be handed over after verifying claims of unsecured creditors. The court disagreed, stating that the OL, being in charge of the company under liquidation, should disburse the amount with court approval. The court directed IFCI to deposit the sale proceeds with interest to the OL within a week for payments to unsecured creditors as per law.

Processing of claim by Stressed Assets Stabilisation Fund (SASF):
SASF's claim was submitted to the OL on 12th April, 2012. The OL requested a copy for processing within a week, ensuring timely action. Compliance with the court's order led to a settlement meeting between Zullu Security (India) Pvt. Ltd. and IFCI, resulting in a written agreement for IFCI to pay a specified amount promptly. IFCI was directed to fulfill this payment within one week. Alcatel Lucent India Ltd.'s claim was scrutinized, with plans to pay all claims equally upon receiving funds from IFCI and court approval.

Relist and filing of status report:
The case was scheduled for a relist on 19th September, 2013. The court ordered the OL to file a fresh status report on the next hearing date, providing advance copies to all involved parties for transparency and preparation.