9911796707
TMI Blog2015 (3) TMI 283X X X X Extracts X X X X X X X X Extracts X X X X ..... ion by submitting that the issue of substitution is not concluded by the Apex Court. We cannot accept this submission of Mr. Shah. A bare reading of the observations of the Apex Court in para 46 as extracted hereinabove makes it explicitly clear that the moment ICICI Bank Ltd. transfers the debt with underlying security, the borrower(s) ceases to be the borrower(s) of the bank and becomes the borrower(s) of Kotak Mahindra Bank Ltd (assignee). Thus it is explicitly clear that Kotak Mahindra Bank has become entitled to recover the amount from the borrowers and therefore their prayer for substitution cannot be rejected. In view of the above, we are of the opinion that the observations made by the learned Company Judge in paragraph 7 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Official Liquidator that the Official Liquidator is having a sum of ₹ 24,24,08,587/- in the company's account as on date. The workers claim subject to verification, at present, is approximately of ₹ 1.71 Crores. The Dena Bank is claiming that they have exclusive charge over the plants and machineries of the company in liquidation to the extent of ₹ 1.5 Crores. The question with regard to substitution of ICICI Bank Limited / Standard Chartered Bank is yet to be considered. Under the circumstances and considering the fund available with the Official Liquidator in the company's account, if ₹ 15 Crores are ordered to be disbursed amongst the IFCI, IDBI and ICICI then it will meet the ends of justice as no fruit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e usual undertaking as stated above. So far as balance amount is concerned, the Official Liquidator is directed to deposit the same in the Fixed Deposit in any Nationalized Bank initially for a period of six months so that there may not be any lose of interest to any of the parties. Official Liquidator is also directed to see that the claims of the respective secured creditors, Dena Bank and the workers are verified within a period of four months from the date of receipt of this order and determine the final percentage ratio. The Official Liquidator is also directed to submit the report after final determination of the ratio immediately thereafter. So far as the claims of the IFCI Bank Limited with regard to expenditure incurred by them is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... substitution has already been considered and concluded by the Apex Court as observed in the foregoing paragraphs. Therefore, so far as the other issues which are kept open by the Apex Court and for which the matters are remanded to this Court, considering the interests of both the sides, we remand the matter to the learned Company Judge and deem it fit to keep the matter open at large before the learned Company Judge permitting the parties to raise contentions after completing pleadings. The issues other than substitution shall be allowed to be raised before the learned Company Judge. The learned Company Judge shall decide the issues afresh keeping in mind the pleadings and recent law developed on the subject. It is made clear that the issu ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
