TMI Blog2014 (4) TMI 980X X X X Extracts X X X X X X X X Extracts X X X X ..... dopted the criteria of only taking into account the principal amount payable to all secured creditors as on the date of appointment of a Provisional Liquidator in order to determine the ratio in which the available funds could be disbursed. This method was adopted, apparently, for the reason that the funds available with the Official Liquidator were less than the principal amount payable to the secured creditors. The representative of the Central Bank had agreed with this methodology and confirmed the amount of principal outstanding. The other secured creditors have accepted and acted on the basis of the unanimous decision that only the principal amount would be considered by the Official Liquidator and the appellant is now estopped from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an order dated 10.04.2013, this court set aside the decision of the Official Liquidator and remanded the matter with a direction to pass a reasoned order. 3. Thereafter, the Official Liquidator has passed the impugned order where by the Official Liquidator has also admitted the debt of Rs.12,55,69,834/- as being secured by a second charge over the immovable assets of the company. The appellant is now aggrieved by the impugned order as the Official Liquidator has not admitted the debt of Rs.104 lakhs, owed on account of funded interest, as a secured debt. 4. The limited issue that arises in the present appeal is whether the funded interest loan of Rs.104 lakhs ought to have been considered by the Official Liquidator while accepting the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the appellant bank. The said minutes record: As claim of all secured credit or shave been adjudicated on the basis of principle outstanding, the same criteria have been adopted for the purposes of adjudicating the claim of Central Bank . 8. The representative of the appellant (Mr. Pradeep Malik) there after confirmed the amount of principal outstanding and it was recorded that, Mr. Pradeep Malik has confirmed that no other principle outstanding is there as on the date of provisional winding up. 9. I have heard the learned counsel for the parties. 10. The amounts available with the company have to be disbursed among the secured creditors on the basis of the amounts outstanding and payable by the company in liquidation to the sec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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