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2017 (12) TMI 1319 - HC - Companies LawOfficial Liquidator liability to refund an amount along with interest @ 4% p.a. to the applicant as was directed vide order dated 08.02.2016 - Held that:- This Court has already taken a decision on 08.02.2016 as to how much amount is to be paid to the applicant. No appeal has been filed against the said order hence the issue qua the amount to be refunded to Awas Samiti has attained finality. However per OLR No.255/2017 dated 11.10.2017 only an amount of ₹ 4,20,69,163/- is lying as on 30.09.2017 in the corpus fund of company in liquidation. Thus taking into consideration the overall circumstances; the plight of other creditors who are also waiting their turn to get payments and though not placing the applicant in queue with them, I direct the official liquidator to initially release an amount of ₹ 2.5 Crores to the applicant within four weeks from today. As the order dated 17/10/2012 notes the company has various properties at Ghaziabad, Dharudhera, Rewari and Faridabad, the learned Official Liquidator should file a report confirming status of such properties of TIDCO and its subsidiaries and to disclose what steps it had taken till date to dispose those of and/or as to how it proposes to deal with the same viz., sale and/ or realise proceeds thereof to clear of claims of the company in liquidation at the earliest. Since there is no clarity till date as to what happened to the money received by three companies viz., (a) RMS Club & Resorts Ltd.; (b) Chahhat Garments Pvt. Ltd. and (c) Rewari Developer (P) Ltd. – which allegedly were the paper companies of Mr.Madhur Mittal and Mr.Sumit Mittal and since its erstwhile management has conveniently allege they have no objection if money is paid by Official Liquidator to Awas Samiti, without even disclosing the end use of the money received by their three companies aforesaid, it would be appropriate to issue notices to said three companies viz (1)RMS Club and Resorts Private Limited; (2)M/s Chahat Garments Private Limited; and (3) M/s Rewari Developer Private Limited asking them to disclose the bid amount received and if such amount on cancellation of bid was remitted to the Official Liquidator and if not then to return such amount(s) so received. Admittedly, on cancellation of bid, these companies cannot be allowed to enrich themselves in an unjust manner. On realization of funds from the companies above and on sale of land etc, further payments be made to the applicant.
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