2017 (9) TMI 436 - HC - Companies Law

Winding up petition - whether the secured creditors as well as unsecured creditors who are found to be eligible on verification by Chartered Accountant would be entitled to a total amount of ₹ 3,90,20,035? - Held that - Mr. Uday Bhatt, learned counsel appearing for respondent no.2 which was formerly represented by Mr. Bhagat has relied upon the affidavit dated 19.08.2017 and has submitted that SBI, respondent no.2 has lodged claim under section 530 in form no.66 for interest upon receipt of the final principal amount of ₹ 13,61,263/and that they have filed a revised claim of ₹ 2,63,08,288/as on 08.02.2013. Mr. Bhatt, learned counsel therefore submitted that the respondent no.2 be given some time for further verification. Official Liquidator states on instruction that no claim under section 530 in form 66 has been filed by respondent no.2 and it has been now raised at the fag end of the hearing of this application. Be that it may be so, as far as the claims of other secured creditors, the same is already verified by the Chartered Accountant which is not in dispute by any secured creditors so also the applicant workers Union and considering the fact that a sum of ₹ 9.70 crores is lying in the funds of the company in liquidation, considering the disbursement to be adhoc, the Official Liquidator is permitted to disburse the amount as set out in table A of the report, total of which amounts to ₹ 3,90,20,035/as per the ratio worked out by the learned Chartered Accountant on the secured creditors furnishing undertaking that in case if lesser amount is found by this Court, the same shall be refunded forthwith. The applicant Union shall also file an undertaking of authorised person of respective units in liquidation in the office of the Official Liquidator that in the event of any excess, duplicate, or wrong payment having been made, the same shall be refunded. The applicant Union shall also provide the bank details of each individual workmen and the Official Liquidator shall disburse the amount to each of the secured as well as unsecured creditors as per the report of the Chartered Accountant as provided in this order in the ratio which is determined by the Chartered Accountant by RTGS and the same shall be subject to further order of this Court. Such exercise shall be undertaken by the Official Liquidator only on receipt of individual undertaking from each secured as well as unsecured creditors including the authorised person of the respective units in liquidation.

Summary

Issues Involved:
1. Payment of dues and interest to workers of New Rajpur Mills Ltd. under the Companies Act.
2. Verification and disbursement of claims by the Official Liquidator.
3. Claims and interests of secured and unsecured creditors.
4. Specific claims and objections by respondent no.2 (SBI).

Detailed Analysis:

1. Payment of dues and interest to workers:
The applicant Union sought a directive for the Official Liquidator to pay ?3,09,92,881/- to the workers of New Rajpur Mills Ltd. along with interest under the Companies Act. The Union argued that all workmen had been paid dues under sections 529 and 529A of the Companies Act, 1956, and sufficient surplus funds were available with the Official Liquidator to cover the interest claims. The Division Bench had previously directed the Official Liquidator to pay requisite dues to the claimants as per the priority in accordance with law.

2. Verification and disbursement of claims:
The Official Liquidator, in response to the notice, filed a report stating that the Chartered Accountant had verified the claims of all secured creditors and workmen. The report detailed the amounts due and payable, including ?18,02,46,199/- for the Workers Union, and other amounts for various unsecured creditors. The Official Liquidator confirmed that workmen and secured creditors had been paid under sections 529 and 529A, and the claims under section 530 had also been considered. A total amount of ?3,15,60,000/- out of ?6,25,52,881/- had been paid, with each workman receiving a maximum of ?20,000/-.

3. Claims and interests of secured and unsecured creditors:
The Official Liquidator's report included a detailed table (Table A) showing the secured claims paid, unsecured eligible claims, and interest calculations at 4% per annum for 159 months. The total amount found due and payable to eligible unsecured creditors was ?3,90,20,035/-. The Chartered Accountant verified the claims and calculated the interest from the date of winding up to the date of last disbursement. The Official Liquidator confirmed that approximately ?9.70 crores were available in the company's funds for disbursement.

4. Specific claims and objections by respondent no.2 (SBI):
Respondent no.2 (SBI) had lodged a claim under section 530 for interest upon receipt of the final principal amount and filed a revised claim of ?2,63,08,288/-. However, the Official Liquidator stated that no claim under section 530 in form 66 had been filed by respondent no.2. The court permitted the Official Liquidator to disburse the amount as per Table A, totaling ?3,90,20,035/-, subject to the creditors furnishing undertakings to refund any excess amount if found by the court. The applicant Union was also directed to file undertakings and provide bank details for disbursement via RTGS.

Conclusion:
The court permitted the Official Liquidator to disburse the verified amounts to secured and unsecured creditors, including the workers, as per the Chartered Accountant's report. The disbursement was to be made proportionately and subject to further orders of the court. Respondent no.2 (SBI) was allowed to file its claim in form 66 with the Official Liquidator's office. The matter was scheduled for further hearing on 12.09.2017.