2002 (9) TMI 896 - HC - Companies Law

Summary

The Gujarat High Court passed an order in Company Application No.219/99 related to Company Petition No.156/89, directing the distribution of funds between workers and secured creditors of Omex Investors Ltd. The Chartered Accountant determined a ratio of 81.74% for workers and 16.26% for secured creditors, disputed by the State Bank of India. An interim order directed the Official Liquidator to disburse Rs. 55,00,000 to the workers, with further discussions scheduled for a later date. The Official Liquidator was permitted to break an F.D.R. to facilitate the payment to workers, maintaining a separate account for transparency. The case was scheduled for further proceedings on 27.11.2002.