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STATE BANK OF INDIA Versus OFFICIAL LIQUIDATOR OF M-S JECHINS PHARMACEUTICALS LTD AND 1

2016 (3) TMI 789 - GUJARAT HIGH COURT

Interest awarded at the rate of 6% per annum as per the Recovery Certificate to the applicant, being a Secured Creditor - directions to official liquidator to use available funds of sale proceeds of the assets of the Company (in liquidation), which was charged to the applicant-Bank at village Kundal - Held that: The Official Liquidator is permitted to disburse the adjudicated claim amount of ₹ 1,39,65,796.12ps. out of the available funds in the account of the company in liquidation to the .....

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dator is also permitted to make the payment of ₹ 28,625/from the account of the Company to M/s.P.Dalal & Co., Chartered Accountants, as per the bill raised by the said Chartered Accountant, dated 27.11.2015. - COMPANY APPLICATION NO. 59 of 2014, COMPANY PETITION NO. 34 of 1991 - Dated:- 16-3-2016 - SMT. ABHILASHA KUMARI, J. FOR THE APPELLANT : MR PR NANAVATI, ADVOCATE FOR THE RESPONDENT : MR DEVANG D TRIVEDI, ADVOCATE, MR JS YADAV, ADVOCATE, OFFICIAL LIQUIDATOR ORAL ORDER 1. This applicati .....

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e Company (in liquidation), which was charged to the applicantBank at village Kundal, Taluka Kadi, District Mehsana, as the applicantBank is having charge in respect of Survey No.526/P/3 and 527/P/3. 2. Heard Mr.P.R.Nanavati, learned advocate for the applicant and Mr.J.S.Yadav, learned advocate for the Official Liquidator. 3. It is submitted by Mr.Nanavati on behalf of the applicant that the amount claimed by the applicant has been adjudicated by the DRT, Ahmedabad, vide order dated 25.05.2007, .....

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port dated 28.12.2015, that the Official Liquidator has invited claims from the creditors under Section530 of the Companies Act, 1956, after publication of the notice in the English daily newspaper The Time of India in the English script and the Gujarati daily newspaper Gujarat Samachar in the Gujarati script (both Ahmedabad editions), on 27.08.2015. The State Bank of India has forwarded its claim in Form No.66 vide its letter dated 12.10.2015, along with supporting documents to the office of th .....

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Liquidator has submitted that the fund position in the account of the company in liquidation, as on 30.11.2015, is as under : Bank 21,47,883.25 FDR 3,42,51,069.00 Total 3,63,98,952.25 6. He further submits that before making any disbursement, an amount of ₹ 1,56,32,460/is required to be set apart in compliance of the order dated 06.08.2013, passed by this Court in Company Application No.6/2012 towards distributable amount of GSFC. Hence, after deducting the aforesaid amount, an amount of & .....

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