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TMI Blog1987 (4) TMI 370X X X X Extracts X X X X X X X X Extracts X X X X ..... r will ensure that the disposal fetches the best of rates. We may also make it clear that issuance of the notification by the Bihar State Government will not come in the way of sale of these assets and payment to the workers. We direct that this shall be completed within two months from today. The case may come for further directions in third week of July. - WRIT PETITION NO. 5222 OF 1985 - - - Dated:- 27-4-1987 - RANGANATH MISRA AND G. L. OZA, JJ. R.K. Garg, R. S. Singh and S.K. Verma , for the Petitioner. K. Parasaran, B. Datta, A.K. Ganguli, Y.S. Chitale, Shankar Ghosh, P.P. Singh, Ranjit Kumar, Pramod Dayal, D. Goburdhun, K. Swamy, Ms. Sushma Suri, Probit Mitra, A.K. Ghose, M.M. Gangadeb, Dhanjay Chandrachud, P.R. Se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndustry. This report shows that the products produced by this industry which are lying in stocks are of the value of Rs. 91,77,000. This report also discloses that from the month of May, 1984, till 8th July, 1984, when this industry closed down, an amount of Rs. 89,00,000 remains to be paid to the workers as their salaries and emoluments. The learned counsel appearing for the State Bank of India and other financial institutions attempted to contend that these goods which are the finished products lying in stock are pledged with these banks and, therefore, they have a prior claim over the sale proceeds of these stocks and it was, therefore, contended that this could not be sold and the workers could not be paid off. On the other hand, it w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... their salaries. It is no doubt true that at present there are no assets available out of which the whole payment of all the dues to the workers from May, 1984, till today could be done but from out of these assets the products which are lying in stocks valued at Rs. 91,77,000, the salaries and the dues of the workers from May, 1984, till the date of closure could be made. It was contended that in case these stocks are liquidated and the amounts collected are paid off to the workers, difficulty may arise as this asset which has been taken into account will not be available for the scheme of re-starting the industry. Looking to all the circumstances and taking a broad and humane view of the situation, we are of the opinion that it would be j ..... X X X X Extracts X X X X X X X X Extracts X X X X
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