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2009 (5) TMI 544 - HIGH COURT OF PUNJAB AND HARYANAWinding up - entitlement of watch and ward expenses in respect of which reports have been made by the Official Liquidator for engagement of services of various security agencies and to whom the charges are payable in the course of liquidation Held that:- All the applications filed by the security agencies under the circumstances deserve to be allowed. The objections filed by the Official Liquidator seeking for directions of the respective secured creditors are also ordered and the ultimate disposition is that the Official Liquidator shall forthwith make all the payments for the security staff authorized to be deployed by the respective agencies by examining the list of persons said to have been deployed and working out the rates as payable to the respective security agencies on the basis of rates agreed already together with the service charges as contemplated in the initial orders of engagement. The claims of the security agencies shall be tested only on the authorized strength of the staff and deductions shall be made in relation to specific instances of specific dates when any staff was found to be missing or when it was found that the staff had not been really in their roll of employment. The entire process of clarification of records in relation to each one of the security agencies shall be completed within a period of 30 days and the amounts as found on a proper reckoning shall be disbursed from out of the amounts available to the credit of the respective companies in liquidation and wherever they are not available, the secured creditors in relation to the assets where the security personnel had been deployed shall be liable to make the payments and claim refund when the assets were sold and when amounts are realized in excess of what have been paid by the secured creditors. The requirements as regards the individual companies in liquidation shall be jointly determined by the Official Liquidator in the immediate presence of the secured creditors and all the representatives of stakeholders over the asset owners of the company in liquidation.
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