2008 (2) TMI 637

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ted 31-8-2005 made in Company Application No. 134 of 2005 in Company Petition No. 263 of 2001. The Company M/s. Secals Limited has been ordered to be wound up as per the orders of this Court dated 1-8-2002 in C.P. No. 263 of 2001 on the basis of the recommendations made in BIFR No. 332 of 2000. By the said order, the Company Court directed the Official Liquidator to take charge of the assets of th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... order dated 4-2-2005 directed the Official Liquidator to transfer the said sum of Rs. 4,42,25,414.15 lying to the credit of C.P. No. 263 of 2001 to the appellant-secured creditor on condition that the appellant has to necessarily bring back the entire money to the credit of the Company Petition, if a need for the same arises for completion of adjudication. Pursuant to the same on 14-2-2005 the Of .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ght the said fact is omitted to be mentioned in the order dated 4-2-2005. Therefore, the said order dated 4-2-2005 in Company Application No. 134 of 2005 in Company Petition No. 263 of 2001 is further clarified to the effect that the deposit directed to be made with the said applicant shall earn interest from the date of such deposit." As against the said order, the present Appeal is made by the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... not the only secured creditor. There are several other secured creditors and also unsecured creditors. The amount realised in the sale of the assets of the Company in liquidation has to be disbursed in accordance with the provisions of the Company Court Rules. Any deposit made during the interregnum period has to necessarily be with the Official Liquidator who is holding the amount in fiduciary ca .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ess and having regard to the rate of interest prevailing during the relevant period, we are of the view that the rate of interest for the amount deposited with the appellant can be fixed at 12 per cent per annum from the date of deposit till it is withdrawn/adjustment is made for the share of the appellant. Such an order is passed. The Appeal is disposed of in the above terms. No costs.
Case l .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X