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2013 (10) TMI 118 - DELHI HIGH COURTLiquidation - Deposit the sale proceeds with interest realized - Held that:- orders were passed by the Division Bench after noting that no unsecured creditor had come to light despite advertisement having been issued by the OL. As things stand, the OL has issued a second advertisement and claims of at least six other creditors have been filed with the OL. We extract hereinbelow the relevant extract of the judgment of the Division Bench, which bears out the fact that it was never the intent of the Division Bench that the amount lying with the Appellant Corporation, which is an unsecured creditor, should remain with the Appellant Corporation for all times to go and even if claims of other creditors were filed with the OL - It also cannot be lost sight of that there is no dispute as to the fact that the Appellant Corporation is not a secured creditor qua the amount realized from sale of immovable properties and if there are any other unsecured creditors the claim of the Appellant Corporation would rank pari passu with such unsecured creditors. The claims of other unsecured creditors having surfaced upon the second advertisement having been issued by the OL, we do not find any infirmity in the order of the learned Company Judge directing the Appellant Corporation to deposit the sale proceeds relating to the sale of immovable property of the Company in liquidation with the Official Liquidator - Appeal dismissed.
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