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2009 (1) TMI 478 - HIGH COURT OF GUJARATWinding up - Overriding preferential payment - whether the Company-in-liquidation has no right, title and interest in the property situated at Plot No. A-28/1, MIDC, Patalganga Industrial Area, Maharashtra and that the same is not the assets of the Company-in-liquidation? - Held that:- The present winding up proceedings are said to have been commenced in 1990 and the properties of the Company were sold after the commencement of the winding up proceedings and, hence, such transactions are certainly hit by the provisions of section 441(2), read with sections 530 and 530A (sic) of the Companies Act, 1956. There is nothing on record which shows that the same are not sold at market value. A proper procedure has been followed, advertisement was given, offers were invited and thereafter, the properties were sold at market value by public auction. The Court, therefore, does not find any illegality in the sale of the assets of the Company in liquidation. Accordingly, the SICOM is hereby directed to file an undertaking before this Court that the SICOM will subject itself to such directions that may be given by this Court including to bring back the proportionate amount which is required to be disbursed to the workers or any other claim which is covered by sections 529 and 529A of the Companies Act, to be treated as pari passu charge equally with the rights of the SICOM being secured creditors. The Official Liquidator is, therefore, directed to invite claims from the workers and creditors and on adjudicating the claims so received if he finds that any amount is payable to any other person covered by sections 529 and 529A to receive the payment on pari passu basis equally with the rights of the SICOM being the secured creditor, may record that finding and call upon the SICOM to bring back such amount to facilitate the disbursement thereof, in favour of eligible persons. To enable the Official Liquidator to invite the claims, the SICOM for the time being, shall deposit sum of ₹ 50,000 with the Official Liquidator within four weeks from today. This direction is necessitated as no funds are available with the Official Liquidator in respect of the Company in liquidation. The SICOM shall be liable to deposit further amount as and when required towards the expenses and/or disbursement by the Official Liquidator.
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