Home Case Index All Cases Indian Laws Indian Laws + HC Indian Laws - 2016 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (12) TMI 184 - GUJARAT HIGH COURTPayment of dues of the Company under liquidation - preference to receive the dues - Held that:- The applicant can be paid his dues only on the basis of pari passu, i.e., amount which is paid to all similarly situated workers/employees of the Company under liquidation and no priority can be given to the applicant under the provisions of the Companies Act. Considering the various reports which are filed by the Official Liquidator in the proceedings as well as in OLR No.16/15 by making payment of ₹ 53,266/-, the applicant is brought at par with the other regular workers/employees of the Company under liquidation. Under the provisions of the Act, the applicant for whatever reason, cannot be given priority over any other similarly situated workers/employees of the Company and his claim even if verified, can be satisfied only to the extent at par with the other workers and employees. Only because the applicant has approached this Court time and again would not entitle him to get any priority dehors the provisions of section 529A. The Official Liquidator has declared before this Court that claim of the applicant shall be considered as and when disbursement is done. It is a matter of fact that the Company in which the applicant was working has been wound up by an order of this Court and still the winding up proceedings are pending and the disposal of the properties of the Company in liquidation is still to take place. In light of such facts, this Court has passed the order dated 08.06.2016 as per the provisions of the Act. The applicant would be entitled to any further amount of his claim as and when some amount is available for disbursement at the hands of the Official Liquidator and the case of the applicant shall be considered for disbursement of any further amount at par with the other similarly situated workers/employees.
|