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2016 (2) TMI 687 - GUJARAT HIGH COURT

2016 (2) TMI 687 - GUJARAT HIGH COURT - TMI - Permit to Official Liquidator - Held that:- The Official Liquidator is permitted to pay the outstanding secured dues/ claims first to the secured creditors i.e. Rajkot Nagarik Sahakari Bank Ltd., amounting to ₹ 1,41,82,993/and to the Secured Creditor Oriental Bank of Commerce, amounting to ₹ 5,63,991/in terms of Section 529A of the Companies Act,1956, and thereafter, the claims of preferential creditors and unsecured creditors as mentione .....

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OCATE, MR. J S YADAV, LEARNED ADVOCATE FOR THE OFFICIAL LIQUIDATOR ORAL ORDER 1 The present Judges Summons in Company Application No. 249 of 2014 have been taken out by the applicant Rajkot Nagarik Sahakari Bank Limited, for the grant of the following prayers: A Be pleased to direct the Official Liquidator, the respondent to submit appropriate report before this Hon ble Court as per order passed by this Hon ble Court on 21.08.2009 in Company Application No. 635 of 2008. B Grant any other and fur .....

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before this Court to the effect that in the event it is so directed by this Court, the amount shall be redeposited with the OL. Upon filing such undertaking, the OL shall disburse the amount of ₹ 40 lac, by Account Payee cheque or by crediting the same in the Bank Account of the applicant by electronic mode. It is also observed that the OL shall be at liberty to engage Chartered Accountant for verification of the claim of the secured creditors and after the claim is verified by the Charter .....

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rein it was stated that the Official Liquidator may be permitted to pay the outstanding secured dues/claim first to the secured creditor i.e. Rajkot Nagarik Sahakari Bank Ltd., under Section 529 A of the Companies Act, 1956 and thereafter, the claims of preferential of preferential creditors and unsecured creditors, as mentioned in the report, out of the funds available in the account of the company. It was further stated by the Official Liquidator that Company Application No. 224 of 2013, prefe .....

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merce has mentioned is ₹ 5,63,991/( 4705955 + 970036=56,75,991 () 51,12,000=5,63,991/) Therefore, now outstanding secured claim of Rajkot Nagrik Sahakari Bank Ltd., is as ₹ 1,41,82,993/is payable whereas the claim of Oriental Bank of Commerce is ₹ 5,63,991/under section 529 A of the Companies Act, 1956. 8 That the Official Liquidator further most respectfully submits that Chartered Accountants has concluded and summarized the claim of creditors which are as under: TABLE A Sr No .....

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ng Unsecured Debt u/s. 530 5 Parshwanath Cements Pvt Ltd., 2,93,964/- Pending before Hon ble High Court u/s. 530 9 It is further stated that the Official Liquidator has funds amounting to ₹ 1,65,00,000/approximately available in the Company s Account, till date. A prayer is made to permit the Official Liquidator to pay the outstanding secured dues/ claims first to the secured creditors i.e. Rajkot Nagarik Sahakari Bank Ltd., to ₹ 1,41,82,993/and Oriental Bank of Commerce to ₹ 5 .....

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icial Liquidator in respect of M/s. Sardar Cement Private Limited in liquidation for distribution along with statement of accounts , and further to disclose what are the unpaid pending claims at present in respect of secured and unsecured creditors. (B) THIS HONOURABLE COURT may be pleased to pass appropriate order and/or direction to Official Liquidator of the company to pay the amount of Rs.41,68,976.13 (Rupees Forty One Lacs Sixty Eight Thousand Nine Hundred Seventy Six and Paise thirteen onl .....

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