9911796707
TMI Blog2014 (11) TMI 1253X X X X Extracts X X X X X X X X Extracts X X X X ..... n. 2. The attendant facts need to be adverted to necessarily. 3. The affidavit dated 09th July, 2014 filed in support of the prayers made, and the Reports of the Official Liquidator filed in the proceedings gave out that the Omex Investors Mills Limited was wound up on 16th March, 1990 by order in Company Application No.156 of 1989. All the movables, plant and machineries and the superstructure of the building-excepting the landwere sold and the amounts were realized. 3.1 Thereafter under the two orders dated 06th September, 2000 and 18th September, 2000 passed in Company Application N.219 of 1999, amount of Rs. 55,00,000/- each totaling Rs. 01,10,00,000/- came to be disbursed towards the dues of the workers. The Secured Creditors were also paid to the extent of Rs. 60,00,000/-. The Official Liquidator got verified the claims of the workers and Secured Creditors and as per the verification report dated 08th January, 2001 of the Chartered Accountant, the outstanding dues and the ratio worked out. Workers dues were assessed at Rs. 14,40,33,438/- with ratio at 74%. The two Secured Creditors-Industrial Investment Bank of India (IIBI) and State Bank of India were adjudged for their o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y both the learned counsel have asserted that since 1989 the workmen are waiting for their dues. Mr.Kamal B. Trivedi, learned Senior Counsel for the applicant, states that the applicant shall deposit a further amount of Rs. 14 crores with the Registry of this Court, especially towards the dues of the workmen, which will be subject to further orders of this Court. The applicant shall deposit such amount within a period of 02 (two) weeks from today. Such deposit of Rs. 14 crores by the applicant would be subject to further orders of this Court. It is also further clarified that such deposit made by the applicant shall not create any right in their favour. Mr.S.N.Soparkar, learned Senior Counsel for opponent No.9-the successful bidder, states that amount of Rs. 148 crores is already deposited, which is more than enough to meet with the dues of the workmen." 3.5 The said O.J. Misc. Civil Application No.89 of 2014 came to be allowed on 11th August, 2014 and the order dated 17th December, 2013 was recalled. The directions passed in the said order dated 11th August, 2014 were as under: "[A] The Official Liquidator shall give a fresh advertisement for auction in newspapers as provided b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the first respondent herein, Rs. 7 crores each shall be disbursed from the amount deposited by the appellant and the opponent No.1. Since the opponent No.1 has deposited Rs. 14 crores with the Registry, the entire amount shall be transferred to the Official Liquidator, out of which, Rs. 7 crores shall be disbursed towards the dues of the workers and the remaining Rs. 7 crores shall be kept in a fixed deposit in terms of the directions issued by the learned Single Judge." 3.7 The above directions by the Division Bench were sought to be avoidably debated and agitated before this Court with regard to its implementation and effect especially from the side of the Official Liquidator. On one hand learned advocate for the applicant-Association justifiably pressed for disbursing of the amount to the workers as per the directions of the Division Bench as above, learned advocate for the Official Liquidator pointed out that the Official Liquidator had moved the Division Bench for the necessary clarification by filing Official Liquidator Report No.82 of 2014. 3.8 During the interregnum, this Court passed orders dated 23th September, 2014, 01st October, 2014, 09th October, 2014 and 14t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y to submit an appropriate OLR either before the Division Bench or before the learned Company Judge for appropriate direction considering the development in future and at appropriate time and at appropriate stage." 4. Heard learned advocate Mr.D.S. Vasavada for the applicant, learned advocate Ms.Amee Yajnik for the Official Liquidator-respondent No.1. In course of the proceedings learned advocate Mr.Anip Gandhi appeared for respondent No.4, learned senior advocate Mr.Kamal B. Trivedi with learned advocate Ms.S.K. Vishen appeared for respondent No.5 and Singhi & Co., advocates appeared for respondent No.6. 5. In further Report dated 12th November, 2014 of the Official Liquidator filed tendering in the Court and taken on record summarizes the position setting out the following undisputed facts: ".... the Official Liquidator has already disbursed amount of Rs. 1,10,00,000/- to Workers of the Company (In Liquidation) as per orders dated 06.09.2000 and 18.09.2002 passed by this Hon'ble Court in Company Application No.219 of 1998.... therefore, now as on date an amount of Rs. 13,30,33,438/- remains to be paid to the Workers.... in view of above.... the Official Liquidator i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Bench in the aforesaid order dated 17th September, 2014 are too clear to be taken with any modification. They are binding and accordingly the Official Liquidator shall disburse Rs. 14,00,00,000/- to the workers in compliance of the directions of the Division Bench. 7. The present Application is required to be granted to the extent of the prayer regarding disbursement of the amount. Accordingly it is directed that the Official Liquidator shall disburse Rs. 14,00,00,000/- in light of and in compliance of order of the Division Bench dated 17th September, 2014 in O.J. Civil Application No.525 of 2014 in O.J. Appeal No.36 of 2014 read with order dated 05th November, 2014 in Official Liquidator Report No.82 of 2014, to 1,874 workers proportionately. 7.1 For the purpose of above payment, the forms shall be submitted by individual workers in individual names signed individually. The same may be submitted to the office of Official Liquidator either by workers individually or through Union as may be opted by the worker concerned. As stated and recorded above, the process of distribution of forms has already commenced at the end of the Official Liquidator. 7.2 For disbursing and p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in the present application; (x) The Official Liquidator shall file compliance Report in respect of above payment/ disbursement and all the above directions with regard to compliance of the procedure. 8. It shall be the responsibility of the Official Liquidator and the office of the Official Liquidator to ensure that the disbursement is made after due verification and after meeting with all requirements and conditions mentioned above. 9. The Official Liquidator shall complete the aforesaid exercise of disbursing the amount to the workers expeditiously and within eight weeks from the date of this order. The workers/the Union concerned, as the case may be, may ensure that their duly filled form to the Official Liquidator are submitted at the earliest, if not so far submitted, so that their forms can be processed and the amount can be disbursed within the time limit as above. 10. In furtherance of the compliance of the order of the Division Bench in order dated 17th September, 2014 above, it is directed that out of the amount of Rs. 14,00,00,000/- deposited by Baleshwar Greens Private Limited, half of the remaining amount shall be invested in fixed deposit in a Nationalise ..... X X X X Extracts X X X X X X X X Extracts X X X X
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