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2015 (6) TMI 1166 - HC - Companies LawEntitlement of the Applicant to recover any sum against the company in liquidation on the basis of a decree obtained against the guarantors of the company - Held that:- The decree is merely against the guarantors of the company in liquidation and does not give rise to any decretal debt, against the company in liquidation. Secondly, and even otherwise, insofar as the proofs of debt under Rule 163 of the Company (Court) Rules, 1959 are concerned, the Official Liquidator has to act strictly in accordance with the provisions of the Companies Act and the Rules, for adjudication of debts. Under these provisions, interest is payable to creditors only if the company is left with a surplus fund after disbursement of the debts of the secured creditors and workers on pari passu basis under the provisions of Section 529 and 529A of the Act and also after distribution of preferential dues under Section 530 of the Act. Until the distribution of dues thus has been accomplished and it is ascertained that there are surplus funds after such distribution, there is no question of awarding any interest on the dues of any creditor. There is no case here of any such surplus funds as of date. The original adjudication by the Official Liquidator of the proof of debt submitted on 24 April 2008 by the Applicant, thus, need not be disturbed. As far as the other prayer, namely, the claim made in prayer clause (b) of the Application for safeguarding of the assets, is concerned, the Applicant will have to lodge its proof of debt for this claim with the Official Liquidator and the Latter will have to adjudicate the same and make a report, accordingly to this Court. After adjudicating the claim, the Official Liquidator shall submit its final report concerning the adjudication of the claims received by it, so far, to enable this Court to ascertain the distribution of dues in accordance with the provisions of Law;
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