TMI Blog2017 (9) TMI 436X X X X Extracts X X X X X X X X Extracts X X X X ..... Accountant which is not in dispute by any secured creditors so also the applicant workers Union and considering the fact that a sum of ₹ 9.70 crores is lying in the funds of the company in liquidation, considering the disbursement to be adhoc, the Official Liquidator is permitted to disburse the amount as set out in table A of the report, total of which amounts to ₹ 3,90,20,035/as per the ratio worked out by the learned Chartered Accountant on the secured creditors furnishing undertaking that in case if lesser amount is found by this Court, the same shall be refunded forthwith. The applicant Union shall also file an undertaking of authorised person of respective units in liquidation in the office of the Official Liquidator that in the event of any excess, duplicate, or wrong payment having been made, the same shall be refunded. The applicant Union shall also provide the bank details of each individual workmen and the Official Liquidator shall disburse the amount to each of the secured as well as unsecured creditors as per the report of the Chartered Accountant as provided in this order in the ratio which is determined by the Chartered Accountant by RTGS and the same sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... line of the orders passed in the case of Patel Mills Limited, deducting ₹ 20,000/qua each workman, 4% interest be paid to the workers. It is also the case of the applicant that sufficient fund is there with the Official Liquidator. 3. In response to the notice issued by this Court, the Official Liquidator has filed its report dated 05.10.2016. The Official Liquidator has mainly contended that the Chartered Accountant has verified the claims of all secured creditors as well as the workmen and upon verification of the claim as per the report of the Chartered Accountant dated 23.12.2008, the following amount was found to be due and payable - Sr. No. Name of claimant Amount (In Rs.) Claim status 1 WORKERS UNION THROUGH MR. GANPATBHAI M. PARMAR, MEMBER 18,02,46,199 Unsecured creditors 2 IFCI LTD. 1,95,35,246 Unsecured creditors 3 IDBI BANK LTD. 2,49,59,012 Unsecured creditors 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sponse to the order dated 11.07.2017 passed by this Court and has reiterated the ratio qua each creditor including workmen claim has been worked out as under C TABLE A Sr. No . Particular Secured claim paid (In Rs.) Unsecur ed eligible claim (In Rs.) Unsecur ed eligible claim PAID (In Rs.) Unsecur ed Eligible Claim TO BE PAID (In Rs.) Eligible interest @ 4% P.A. For 159 months (In Rs.) Unsecur ed Eligible claim Total O/S (In Rs.) Ratio (%) (1) (2) (3) (4) (5) (6) (7) 1 IDBI 48,88,383 0 0 0 25,90,84 3 25,90,84 3 6.64 2 IFCI 14,08,185 0 0 0 7,46,338 7,46,338 1.91 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with section 530 of the Act. The report of the Chartered Accountant also indicates that the claims have been verified and the Chartered Accountant has also taken into consideration and has calculated claim of other unsecured creditors as per the statement of affairs @ 4% from the date of winding up to the date of last disbursement. The Official Liquidator has also declared before this Court that as on 31.07.2017, an amount of ₹ 9.70 crores approximately is there in the funds of the company in liquidation with the Official Liquidator. 6. In view of the aforesaid therefore, the Official Liquidator has prayed as under a) This Hon'ble Court may be pleased if though fit after hearing the all creditors/parties to this application to pass necessary order of disbursement to Unsecured Creditors in proportionate ratio which as mentioned in Table A as per the verification report submitted by M/s. Divyesh H. Shah Co., Chartered Accountants, on furnishing the usual undertaking by the unsecured creditors. b) That, this Hon'ble Court may be pleased to permit the Official Liquidator to encash necessary FDR to meet with the FDR to meet with the requirement of dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he disbursement to be adhoc, the Official Liquidator is permitted to disburse the amount as set out in table A of the report, total of which amounts to ₹ 3,90,20,035/as per the ratio worked out by the learned Chartered Accountant on the secured creditors furnishing undertaking that in case if lesser amount is found by this Court, the same shall be refunded forthwith. The applicant Union shall also file an undertaking of authorised person of respective units in liquidation in the office of the Official Liquidator that in the event of any excess, duplicate, or wrong payment having been made, the same shall be refunded. The applicant Union shall also provide the bank details of each individual workmen and the Official Liquidator shall disburse the amount to each of the secured as well as unsecured creditors as per the report of the Chartered Accountant as provided in this order in the ratio which is determined by the Chartered Accountant by RTGS and the same shall be subject to further order of this Court. Such exercise shall be undertaken by the Official Liquidator only on receipt of individual undertaking from each secured as well as unsecured creditors including the authorise ..... X X X X Extracts X X X X X X X X Extracts X X X X
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