9911796707
TMI Blog2014 (4) TMI 980X X X X Extracts X X X X X X X X Extracts X X X X ..... d interest, as a secured debt. 2. The Official Liquidator had, by its letter dated 18.03.2013, admitted the claim of the appellant for a sum of Rs.13,75,69,834/- (Rs.1,20,00,000 as Secured debt and Rs.12,55,69,834/- as Unsecured debt). The appellant was aggrieved by the said decision and had filed an appeal (Co. A(SB)No.18/2013) before this court contending that the appellant was also a secured creditor in respect of the amount of Rs.12,55,69,384/-. By an order dated 10.04.2013, this court set aside the decision of the Official Liquidator and remanded the matter with a direction to pass a reasoned order. 3. Thereafter, the Official Liquidator has passed the impugned order where by the Official Liquidator has also admitted the debt of Rs.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... funds were to be disbursed. 7. The learned counsel for the Official Liquidator has also drawn the attention of this Court to an extract of the minutes of a meeting containing a noting dated 14.01.2013. A typed copy of the same is annexed with the reply. The said minutes indicate that the representative of the appellant bank had on 14.01.2013 had accepted the above principle and had confirmed the principal amount which was outstanding and due to the appellant bank. The said minutes record: "As claim of all secured credit or shave been adjudicated on the basis of principle outstanding, the same criteria have been adopted for the purposes of adjudicating the claim of Central Bank". 8. The representative of the appellant (Mr. Pradeep Malik) t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o include the amount of interest funded by the bank. This contention cannot be accepted. In the event any interest is accepted as payable to the appellant bank it would also be necessary to consider the interest payable by the company to other secured creditors in order to arrive at the ratio in which the disbursement ought to be made. The other secured creditors have accepted and acted on the basis of the unanimous decision that only the principal amount would be considered by the Official Liquidator and the appellant is now estopped from challenging the same. In view of the fact that the representative of the appellant bank had agreed with the criteria adopted by the Official Liquidator, I find no reason to entertain the present appeal. T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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