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2017 (9) TMI 436 - HC - Companies LawWinding up petition - whether the secured creditors as well as unsecured creditors who are found to be eligible on verification by Chartered Accountant would be entitled to a total amount of ₹ 3,90,20,035? - Held that:- Mr. Uday Bhatt, learned counsel appearing for respondent no.2 which was formerly represented by Mr. Bhagat has relied upon the affidavit dated 19.08.2017 and has submitted that SBI, respondent no.2 has lodged claim under section 530 in form no.66 for interest upon receipt of the final principal amount of ₹ 13,61,263/and that they have filed a revised claim of ₹ 2,63,08,288/as on 08.02.2013. Mr. Bhatt, learned counsel therefore submitted that the respondent no.2 be given some time for further verification. Official Liquidator states on instruction that no claim under section 530 in form 66 has been filed by respondent no.2 and it has been now raised at the fag end of the hearing of this application. Be that it may be so, as far as the claims of other secured creditors, the same is already verified by the Chartered Accountant which is not in dispute by any secured creditors so also the applicant workers Union and considering the fact that a sum of ₹ 9.70 crores is lying in the funds of the company in liquidation, considering the disbursement to be adhoc, the Official Liquidator is permitted to disburse the amount as set out in table A of the report, total of which amounts to ₹ 3,90,20,035/as per the ratio worked out by the learned Chartered Accountant on the secured creditors furnishing undertaking that in case if lesser amount is found by this Court, the same shall be refunded forthwith. The applicant Union shall also file an undertaking of authorised person of respective units in liquidation in the office of the Official Liquidator that in the event of any excess, duplicate, or wrong payment having been made, the same shall be refunded. The applicant Union shall also provide the bank details of each individual workmen and the Official Liquidator shall disburse the amount to each of the secured as well as unsecured creditors as per the report of the Chartered Accountant as provided in this order in the ratio which is determined by the Chartered Accountant by RTGS and the same shall be subject to further order of this Court. Such exercise shall be undertaken by the Official Liquidator only on receipt of individual undertaking from each secured as well as unsecured creditors including the authorised person of the respective units in liquidation.
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