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2016 (3) TMI 1 - HC - Companies LawDisbursement of an amount as directed to Official Liquidator - Held that:- The submission canvassed by learned advocate Mr. Yadav for the Official Liquidator seems to be genuine. When the dispute is pending before the Hon'ble Supreme Court with regard to incometax liability, at this stage, amount of ₹ 3,32,00,000/towards the future expenses and ₹ 3,03,637/towards misc. expenses (contingent) is required to be kept aside and the remaining amount of ₹ 3,22,55,000/is required to be disbursed amongst the creditors under Section 530 of the Companies Act as per the report of the Chartered Accountant and as per the table given in para 6 on internal page 16 of the report. The Official Liquidator is therefore permitted to disburse an amount of ₹ 3,22,55,000/as per the ratio fixed by the Chartered Accountant subject to filing an undertaking by the concerned creditors (secured/unsecured) to the effect that if any demand raised by the Official Liquidator, the same shall be returned back by them to the Official Liquidator at prevailing rate of interest.
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