2012 (6) TMI 253

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..... spondent and to direct the respondent to deposit Rs. 5,00,000/- out of the sale proceeds of Rs. 75,00,000/- - Held that:- Since balance amount of Rs. 19,42,000/- is available with the respondent under the common head which is available to all the secured creditors as well as for meeting the other eventualities, a sum of Rs. 5 lacs from the said amount to be deposited with Official Liquidator for t .....

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..... proceeds of Rs. 75,00,000/-. 2. Heard the learned counsel of the parties and perused the application papers. 3. The Company in liquidation was ordered to be wound up on 16-6-2004 in Co. P.No. 178/2000. Prior to the same, the respondent which is one among the secured creditors of the Company in liquidation has taken possession of the assets belonging to the Company in liquidation and has th .....

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..... of Rs. 25,000/- was deposited with the Official Liquidator on 03.07.2004 towards the initial expenses of the liquidation proceedings. Thus the total of Rs. 55,58,000/- has been thus appropriated so far, leaving a balance of Rs. 19,42,000/-. The respondents state that the said amount has been retained to meet the other liabilities and to take care of the eventualities and statutory liabilities onc .....

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..... not necessary to be granted in this application. 5. In view of the above, it is made clear that the respondent after paying the sum of Rs. 5,00,000/- to the Official Liquidator will retain the balance amount with them. On receiving the said amount and on the Official Liquidator inviting the claims and in that context, if any claims from the workmen are received, the Official Liquidator in ord .....

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..... is required, the Official Liquidator would proportionately calculate the amount required to be deposited by the respondent herein as well as KSFC and the Corporation Bank from the appropriated amounts and they shall be bound to deposit the said amount with the Official Liquidator. Hence, with the above clarification and with a direction to the respondent to deposit the sum of Rs. 5,00,000/- wit .....

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