9911796707
TMI Blog2009 (1) TMI 486X X X X Extracts X X X X X X X X Extracts X X X X ..... also a further liability on the Company to pay interest @ 9 per cent from the date of disbursement till the date when accounts are drawn finally after considering all the claims and when the money is distributed to the workmen also. This direction is only to assuage the claims of the workmen whose lis has not been finalised and whose claims have not been fully addressed although they are equally entitled. Even at the time of disbursal, if the O.L. has obtained a sizable number of claims from workmen, it shall be open to the O.L. to determine a portion of the amount that would bear the same proportion which the applicant-company is being paid out of its total entitlement with similar restrictions regarding the undertaking and payment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 607 of 2007, in which similar claim was made and Official Liquidator took up an objection that there was no provision for making interim disbursals. An elaborate order was passed on 28-7-2008 rejecting the contention of the Official Liquidator that the Court could not make any interim disbursement within the reasonable limit and noting that direction for interim disbursement would always be subject to final adjudication of claims and court passed an order entitling the O.L. to consider the issue of interim disbursement. The amount had not been disposed of even subsequent to the order passed by this Court on 28-7-2008 and finding that there was undue delay in the conduct of O.L. in adjudicating the claims of the workmen, the secured credito ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 43 SCL 297 (SC) states that the term "pari passu" would mean: "equal steps, equally, without preference" if the claims of the workmen have not accommodated, there is no scope for only entertaining the claims of the applicant. 5. The Official Liquidator also objects to any interim payment especially when the Court has already granted six months more time to the Chartered Accountant to give his report by its order dated 16-1-2009 and any interim payment only to one secured creditor would give a privilege to one person to utilise a portion of the amount due to it prematurely while other persons similarly entitled are not being paid any amount. If any amount shall be paid to one of the secured creditors at the time when a final reckoning ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ason to nudge for its claims only because even after securing an award before the Debts Recovery Tribunal, amounts are not still being disbursed. The difficulty experienced by the O.L. in identifying all the creditors seems to be real because the company itself had its operations not merely in Haryana but also in the adjoining State of Rajasthan where it had another factory. Normally I would have directed that no interim disbursal could be made without definite data on the respective claims of the secured creditors and the workmen. Since the adjudication regarding the entitlement of the workmen have not been finalized owing to the inability of the O.L. to receive all the claims and due to his experience of receiving more claims from several ..... X X X X Extracts X X X X X X X X Extracts X X X X
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