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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 ..... iquidator 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 Company Appeal No. 1/2006. 3. According to the M.P.F.C. it is the only first charge holder on the fixed assets of the Company in liquidation compromising of Land, Building, Plant and Machinery, in the circumstances is entitled for priority in payment on sale proceeds over all other secured creditors. It has been stated that all other secured creditors have got either subsequent or second charge and they cannot claim priority or ranking with the petitioner. The grievance of the MPFC is that the Official Liquidator has arbitrarily rejected its claim to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 section 529A of the Act it is the debt due to the secured creditor which is payable along with workmen's dues in priority to all other debts. Thus, interest etc. due under an agreement registered as charge with Registrar of Companies, also falls within the ambit of debt due to the secured creditors. It has been stated in this OLR that the claim of MPFC is eligible for admission as secured debt to the extent of Rs. 265.23 lakhs (Rs. 59.25 lakhs on account of principal and Rs. 205.98 lakhs on account of interest outstanding as on 13-2-2004 i.e., the date of winding up ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 67,22,363, would remain. 11. It has been stated that only Land and Building, Plant and Machinery has been sold and the amount has been realised as would be evident from the sale notice (Annexure B) and no current assets were sold. Considering the availability of the funds, Official Liquidator has stated that the MPFC can be paid dividend of Rs. 67 lakhs being first charge over immovable assets of the Company. [Emphasis supplied]. 12. Taking note of the aforesaid facts and circumstances of the case and the stand taken by the Official Liquidator in OLR No. 52/2008 which also finds support ..... X X X X Extracts X X X X X X X X Extracts X X X X
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