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2022 (10) TMI 705 - HC - Companies LawSeeking consideration of preferential claim - Section 530 (1) (a) of the Companies Act, 1956 - HELD THAT - Having considered the submissions by learned advocates for the parties and the report of the Official Liquidator, the Official Liquidator is directed to consider the claim of Gujarat Commercial Tax (GST) as preferential claim in light of claim verification report submitted by M/s. Naimish Shah Company, Chartered Accountants. The Official Liquidator is permitted to encash premature FDRs to disburse amount to the secured creditor of the company in liquidation - Application allowed.
Issues:
1. Consideration of preferential claim of Gujarat Commercial Tax [GST] under Section 530 (1) (a) of the Companies Act, 1956. 2. Disbursement of amounts to Gujarat Commercial Tax [GST] and IDBI Bank Ltd. under Sections 530 (1) (a) and 530 (5) of the Companies Act, 1956. 3. Permission to encash premature Fixed Deposit Receipts (FDRs) for disbursement to secured creditor. 4. Adjudication of claims of creditors by Chartered Accountants under Section 530 of the Companies Act, 1956. 5. Disposal of the Official Liquidator's report and any grievances regarding claims. Analysis: 1. The Official Liquidator filed a report requesting the consideration of Gujarat Commercial Tax [GST] as a preferential claim under Section 530 (1) (a) of the Companies Act, 1956. This request was supported by a claim verification report submitted by M/s. Naimish Shah & Co., Chartered Accountants. The Court, after due consideration, directed the Official Liquidator to evaluate and approve the claim of Gujarat Commercial Tax [GST] as a preferential claim in accordance with the provided report. 2. Subsequently, the Court permitted the Official Liquidator to disburse Rs.72,11,816/- to Gujarat Commercial Tax [GST] under Section 530 (1) (a) and Rs.74,88,184/- to IDBI Bank Ltd. under Section 530 (5) of the Companies Act, 1956 from the available funds in the company's account through RTGS. Additionally, the Official Liquidator was granted permission to encash premature FDRs for the disbursement of amounts to the secured creditor of the company in liquidation. 3. The process of adjudicating claims of creditors was conducted by Chartered Accountants as per the provisions of Section 530 of the Companies Act, 1956. The Chartered Accountants, M/s. Naimish Shah & Co., provided a detailed report on the adjudicated claims of Gujarat Commercial Tax, IDBI Bank Ltd., and Selvel Media Services Pvt. Ltd. The report outlined the claimed amounts and the adjudicated claims for each creditor, ensuring transparency and accuracy in the disbursement process. 4. Any grievances regarding the claims of the creditors, particularly raised by IDBI Bank Ltd., were addressed by the Court. The Official Liquidator was directed to consider any objections raised by the concerned parties and to take necessary actions in accordance with the law. The Court emphasized the importance of following legal procedures and providing a fair opportunity for all parties to address their grievances through appropriate applications as per the law. 5. Finally, with the directions provided by the Court, the Official Liquidator's report was allowed, and the matter was disposed of accordingly. The judgment ensured a systematic and lawful process for evaluating and disbursing claims, safeguarding the interests of all parties involved in the liquidation proceedings.
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