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2007 (10) TMI 403 - HIGH COURT OF BOMBAYCompromise and arrangement - claim of forgoings - whether General Reserve No. II was not expected to be transferred to the Forgings though this General Reserve was specifically created as a provision to meet the liability towards the workmen, who were terminated? Held that:- Claim of the Forgings was already satisfied in the differential payable by them to the Industries as per the minutes of the meeting dated 29th August, 1984. Therefore, we find that the decree passed by the learned Single Judge in favour of the Forgings in that respect cannot be sustained. The Forgings had failed to prove its claim over the General Reserve No. II of ₹ 3.25 crores. It also failed to prove its claim about the die-blocks and machinery allegedly transferred from Kanjur Division to Rajkot Division. Taking into consideration the evidence, we find that the Industries have satisfactorily proved that even though the payment of ₹ 23.47 lakhs was made by the Forgings towards the liability of erstwhile workmen, the Forgings have been in fact compensated by the Industries by deduction of ₹ 8.68 lakhs net of tax from the differential and, therefore, Forgings are not entitled to receive anything more. Therefore, Appeal No. 662 of 2001 filed by the Forgings is liable to be dismissed while the Appeal No. 532 of 2001 filed by the Industries deserves to be allowed.
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