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2005 (3) TMI 465 - SUPREME COURTWhether the statement of law contained in paragraph 76 of the judgment of this Court in Allahabad Bank’s case (2000 (4) TMI 757 - SUPREME COURT OF INDIA) does not lay down a good law? Whether the impugned judgment could have been passed by way of an ad hoc measure in view of the fact that the company was sold as a going concern and the workers’ dues were to be paid from the sale proceeds of the assets of the company? Whether any payment could be made to the parties to the winding up proceedings only upon considering the claims of all the creditors and in terms of the certificate issued by the Debts Recovery Tribunal under the RDB Act? Held that:- Appeal allowed. The learned Company Judge in its order dated 8-5-2002 has noticed that a substantive amount has been paid to the workers towards their past dues. Payments have also been made not only to the statutory authorities but also to the secured creditors and the Special Officers. The workmen since the sale of the assets of the company as a working concern, have received substantial amounts towards their past dues and are being paid their current dues. A situation of starvation of the workmen does no longer prevail. The order passed by the learned Single Judge cannot moreover be sustained on amongst others, the ground of not assigning any reason in support thereof. The Division Bench of the High Court also relied on the observation made in paragraph 76 of this Court’s judgment in Allahabad Bank’s case (supra). It did not advert independently to any other contention of the parties. The contention of Mr. Gupta that Debts Recovery Tribunal having been established in the West Bengal on 27-4-1994, the dispute has to be resolved without reference to the RDB Act, also cannot be accepted. The rights and obligations of the parties would only be crystallized after the lis is adjudicated upon. The question of issuance of any certificate in terms of section 19 of the RDB Act would arise only upon the conclusion of the proceeding before it.
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