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2009 (7) TMI 786 - HC - Companies LawWhether the workers' claim is required to be considered pari passu with the claim of the secured creditor? Held that:- The amount of ₹ 10 lakhs from the available fund in the proceedings of Suit No. 1 of 1988 pending before the Debts Recovery Tribunal, shall be deposited, with the official liquidator. The official liquidator- shall place the copy of the order before the Tribunal for appropriate compliance. The aforesaid process of depositing the amount of ₹ 10 lakhs shall be completed within the period of four weeks from the date of production of the order before the Tribunal by the official liquidator. After the amount of ₹ 10 lakhs is deposited with the official liquidator, the official liquidator shall disburse the amount to the workers at pro rata proportionate basis by A/c. payee cheque or by crediting the amount in the bank account of concerned worker through electronic mode. The said process shall be completed within six weeks thereafter. The amount of ₹ 43 lakhs plus interest shall remain with the Tribunal subject to final order that may be passed by the Tribunal in the suit. However, if the suit is decreed and the recovery certificate is issued, any surplus amount is available towards workers' claim as per section 529A, the same shall also be distributed accordingly by the Tribunal and in the event there is a failure, the official liquidator shall be at the liberty to move appropriate application before the appropriate forum. The official liquidator shall be at the liberty to make the payment of the bill of chartered accountant of ₹ 6112.
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