2012 (12) TMI 588

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..... arh Fabrics Ltd. The Official Liquidator after admitting the claim of the applicant-bank to the tune of Rs.45,82,948/-, has rejected the other part of the claim to the extent of Rs.40,37,173.70; and has served the notice while stating as under: - "Take Notice that as the Official Liquidator of the above-named company, I have this day rejected your claim of Rs. 40,37,173.70 on the following grounds: - (1)  Interest amounting to Rs. 40,11,173.70 pertaining to the period from 19.10.2002 to 31.04.2009 has been rejected on the ground that it is pertaining to the period after the winding up and the same is not admissible in the winding up. (2)  The Advocates fees amounting to Rs. 11,000/- paid to Shri J.K. Chawla and Rs. 15,000/- pai .....

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..... is, however, submitted that the claim of interest amounting to Rs. 40,11,173.70 for the period 19.10.2002 to 31.04.2009 has been rejected on the ground that it pertains to the period after the date of the order of the winding up and is not admissible as a priority claim per Rule 154 of the Rules of 1959. 5. The learned counsel Mr. Chanda appearing for the applicant-bank submits that apart from disallowing the part of the claim of the applicant, the Official Liquidator, despite having realized the amount from sale of the assets of the company in liquidation, has not yet disbursed the amount so received; and this omission is causing heavy loss to the bank. The learned counsel Mr. Balia appearing for the Official Liquidator submits, on the ot .....

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..... earned counsel Mr. Chanda cannot be said to be unjustified in making the submissions that the recovered money is with the Official Liquidator and unnecessary delay in further processing of the matter should be curbed and the matter should be brought to finality at the earliest so as to obviate against the losses likely to be suffered by the bank but then, the submissions on behalf of the Official Liquidator also cannot be ignored that several claims of the workmen have been received and they are required to be adjudicated upon. 8. In the totality of the circumstances, the Official Liquidator is expected to process, deal with and adjudicate on the pending claims with expedition, while curbing against unnecessary delay. The Official Liquidat .....

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