9911796707
TMI Blog2007 (7) TMI 682X X X X Extracts X X X X X X X X Extracts X X X X ..... hat as per the report of the OL, the amount of ₹ 2,53,48,891/- is lying as balance of the Company in liquidation and as per the report of the Chartered Accountant, after reverification, the OL has filed a last report dated 25.06.2007 and at para 3, the apportionment as per the report of the Chartered Accountant reads as under: Sr. No. Name of the FI/Bank Claim Amount in Rupees as on 14.10.1993 Ratio proposed in % Claim amount support ed by Annexur e 1. The Industrial Finance Corporation of India Ltd. 31396542 07.16 1 2. ICICI Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ose of giving effect to the Paripasu charge as per Section 529 read with Section 529A of the Companies Act(hereafter 'the Act'). 6. In my view, the said contention deserves to be rejected because the language is every secured creditors and not the secured creditor having first charge . 7. The reliance was placed by Mr. Vasavada upon the decision of the Apex Court in the case of ICICI Bank Ltd. vs. CIDCO Leathers Ltd. and others by contending that as per the observations made by the Apex Court, instead of Section 529A of the Act, the provision of Transfer of Property Act, are to be considered for giving effect to the inter se rights of the secured creditors having first charge and second charge etc. Therefore, he submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ished and therefore, they cannot be treated as secured creditor thereafter at the time of distribution. 10.I am afraid such contention can be accepted. At the time when the disbursement is to take place amongst the secured creditors, vis-a-vis the rights of the workmen, prima facie material is required to be submitted for supporting the charge and it is only on that account pursuant to the order passed by this Court, the materials including the affidavit were produced. Such cannot be read as relinquishment of the right over the security. 11.Mr. Vasavada, for the worker's Union lastly submitted that the relevant date would be the date of winding up order and the claim of Vysya Bank is later to the date of winding up and he relied u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the final ratio proposed by the Chartered Accountant shall be disbursed to the applicant who is the lead bank, for distribution amongst inter se other secured creditors on filing usual undertaking with the OL. The aforesaid exercise shall be completed within four weeks from today. 14.It is made clear that the aforesaid order is to be on the basis by treating all the secured creditors outside the winding-up subject to the final order which may be passed by the appropriate forum for the rights of recovery, in accordance with law. 15.OL shall be at the liberty to make the payment of the Chartered Accountant's professional fees of ₹ 47,753/-. 16.Application disposed of accordingly. - - TaxTMI - TMITax - Corporate Laws ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
