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TMI Blog2010 (1) TMI 564X X X X Extracts X X X X X X X X Extracts X X X X ..... icial Liquidator to the MPFC. - COMPANY PETITION NO. 38 OF 2001 - - - Dated:- 6-1-2010 - SHANTANU KEMKAR, J. Romesh Dave for the MPFC. H.Y. Mehta for the Official Liquidator. ORDER 1. This order shall govern disposal of OLR No. 52/2008 and Company Appeal No. 1/2006. 2. Feeling aggrieved by the issuance of Form No. 70, dated 19-1-2006 under rule 163 of the Companies (Court) Rules, 1959 (for short the Rules ) for part acceptance of the claim of the Madhya Pradesh Financial Corporation (for short MPFC ) by the Official Liquidator to the extent of Rs. 59.25 lakhs as against the claim of the M.P.F.C. of Rs. 265.23 lakhs for principal and interest and Rs. 0.43 lakhs for security expenses the M.P.F.C. has filed Comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sement under rule 148 of the Rules. Total 18 claims were received out of which two claims are of secured creditors namely MPFC and State Bank of Indore, Ujjain Branch. Nine claims are of unsecured creditors, seven are of from the shareholders which were not entertained by the Official Liquidator as they were not invited. 6. Against adjudication of the claim of MPFC, the MPFC has filed Appeal No. 1/2006 seeking quashment of Form No. 70. The Official Liquidator has stated that initially the Official Liquidator has admitted the claim of MPFC only for Rs. 59.2 lakhs considering that was the amount outstanding on account of principal as on the date of winding up order. However it has now been realised by the Official Liquidator that under se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a sum of Rs. 69 lakhs only and the sale was confirmed by this Court vide order dated 24-11-2004 passed in OLR No. 31/2004. 9. As regards the claim of MPFC towards security expenses to the extent of Rs. 43,225 for protecting the assets of the Company in liquidation from the date of taking possession of assets till disposal of the same the Official Liquidator has stated that the said amount can be permitted to be paid to MPFC towards reimbursement of security charges. 10. The Official Liquidator has also stated that after meeting all the liquidation expenses he has balance of a sum of Rs. 67,65,588 as per books of account. After making the payment of security expenses to the extent of Rs. 43,225 to the MPFC approximately Rs. 67,22, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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