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TMI Blog2008 (2) TMI 637X X X X Extracts X X X X X X X X Extracts X X X X ..... of the interest income for disposal of both the secured creditors and other creditors. As per the provisions of the Company Court Rules, we are not able to countenance the argument of the learned counsel to the effect that the deposit made with the appellant-Bank need not be burdened with interest. To that extent, the order of the learned Single Judge has been confirmed. In the second part of the order made by the learned Single Judge, the rate of interest has not been quantified. Having regard to the fact that the appellant has enjoyed the money in a sum of ₹ 4.42 crores and made use of the said amount for the banking business and having regard to the rate of interest prevailing during the relevant period, we are of the view that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany Application No. 134 of 2005 seeking for a direction from this Court to the Official Liquidator to pay the sum of Rs. 4,42,25,414.15 from and out of the deposit made by the appellant. This Court, by order dated 4-2-2005 directed the Official Liquidator to transfer the said sum of Rs. 4,42,25,414.15 lying to the credit of C.P. No. 263 of 2001 to the appellant-secured creditor on condition that the appellant has to necessarily bring back the entire money to the credit of the Company Petition, if a need for the same arises for completion of adjudication. Pursuant to the same on 14-2-2005 the Official Liquidator deposited the said amount with the appellant-Bank. Thereupon, on 31-8-2005 that Application came up for further orders before th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Liquidator has quantified that the appellant is entitled to Rs. 18 crores from the Company and out of the amount deposited in a sum of Rs. 4.42 crores, the share of the appellant comes to Rs. 2.71 crores, and in view of the fact that the Company is owing the money to the appellant, there is no necessity to order interest over the deposit. 4. The appellant is not the only secured creditor. There are several other secured creditors and also unsecured creditors. The amount realised in the sale of the assets of the Company in liquidation has to be disbursed in accordance with the provisions of the Company Court Rules. Any deposit made during the interregnum period has to necessarily be with the Official Liquidator who is holding the amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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