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TMI Blog2015 (6) TMI 1166X X X X Extracts X X X X X X X X Extracts X X X X ..... terest is payable to creditors only if the company is left with a surplus fund after disbursement of the debts of the secured creditors and workers on pari passu basis under the provisions of Section 529 and 529A of the Act and also after distribution of preferential dues under Section 530 of the Act. Until the distribution of dues thus has been accomplished and it is ascertained that there are surplus funds after such distribution, there is no question of awarding any interest on the dues of any creditor. There is no case here of any such surplus funds as of date. The original adjudication by the Official Liquidator of the proof of debt submitted on 24 April 2008 by the Applicant, thus, need not be disturbed. As far as the other prayer, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Applicant in a suit ( Summary Suit No.3646 of 1987) against the guarantors of the company in liquidation in respect of the same claim, for sum of ₹ 28,02,378/- towards principal amount and interest @ 18 % p.a. with half yearly rests. It is submitted that the decretal amount as on the date of the application works out to ₹ 21,27,82,666/- and that the Official Liquidator should be directed to release the payment on pro-rata basis in favour of the Applicant based on the claim of ₹ 21,27,82,666/-. Secondly, the Applicant also seeks declaration in respect of its claim of ₹ 23,88,857/- towards safeguarding of the assets of the Company in liquidation together with interest as on 1 March 2011, which amounts to S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Application for safeguarding of the assets, is concerned, the Applicant will have to lodge its proof of debt for this claim with the Official Liquidator and the Latter will have to adjudicate the same and make a report, accordingly to this Court. 4 Accordingly, the Company Application is disposed of by passing the following order: (a) Prayer clauses (b) and (c) of the Company Application are rejected; (b) As far as prayer clause (d) is concerned, the Applicant is directed to submit its proof of debt with respect to the claim forming subject matter of it, to the Official Liquidator within a period of two weeks from today; (c) The Official Liquidator shall adjudicate this claim within a period of three weeks thereafter; ..... X X X X Extracts X X X X X X X X Extracts X X X X
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