9911796707
TMI Blog2012 (6) TMI 532X X X X Extracts X X X X X X X X Extracts X X X X ..... e instant proceedings - as the sale is stated to have been conducted on 28.07.2004 and nearly 8 years have elapsed as on today – against official liquidator. Direct the secured creditors to transfer their respective sale proceeds to the Official Liquidator along with accrued interest – Held that:- When the total value of the assets realised is known to the Official Liquidator and the manner of appropriation by the secured creditors is also known, the question of the secured creditors redepositing the amount would arise only if the Official Liquidator entertains the claims in respect of the Company - in-liquidation and in that regard, if it is found that the amounts are due and payable to any other secured creditor or to the workmen of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no claim whatsoever against the company-in-liquidation. 3. In the light of the above, I have heard the respective learned counsel appearing for the parties and perused the material on record. 4. The Company in liquidation viz., Karnataka Ball Bearings Corporation Ltd., was ordered to be wound up by this Court vide the order dated 18.10.2001 passed in Co. P. No. 10/88. In respect of the said Company-In-liquidation, the secured creditors led by the first respondent had also instituted proceedings before the Debt Recoveries Tribunal at Mumbai in Original Application No. 752/2001. To the, said proceedings, the Official Liquidator had also been impleaded as a party since at that point, the company petition was pending before this Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o any other secured creditor or the workmen and employees of the company, who would have got preferential disbursement of the sale proceeds as contemplated under Section 529A of the Companies Act. 6. In this light, the position of law is well-settled that the secured creditors would be entitled to sell the property, but would have to adopt transparent procedure by involving the Official Liquidator also for the said sale. In the instant case, as noticed, the Official Liquidator had been notified as to the value and mode of sale. At that juncture, no specific objection had been put forth by the Official Liquidator. It is no doubt true, in my opinion, that before appropriation the secured creditor should have taken leave of this Court, How ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se only if the Official Liquidator entertains the claims in respect of the Company-in-liquidation and in that regard, if it is found that the amounts are due and payable to any other secured creditor or to the workmen of the Company-in-liquidation. 8. Hence, in a circumstance of the present nature, the appropriate order to be made would be to reserve liberty to the Official Liquidator to adjudicate the claims which have already been invited and on admitting any of the claims of the workmen or any other secured creditor, the proportion payable to such of those workmen and secured creditor, if any could be determined on a pari passu basis, keeping in view the total amount that has been realised, the Official Liquidator shall thereafter ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
