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TMI Blog2019 (7) TMI 836X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 25/9/2006 had constituted a sale committee of secured creditors consisting of one representative from Punjab National Bank one from ICICI bank or their successor-in-interest and the Official Liquidator. As per the deed of assignment dated 18/2/2006 ICICI bank had assigned all its debts to Standard Chartered Bank. 3. In pursuance to the order of this court dated 19/12/2012 the assets of the company in liquidation have been sold by the secured creditor Standard Chartered Bank (assignee of ICICI Bank) under the provisions of SARFAESI Act 2002 in association with OL in the auction conducted on 23/2/2013 to M/s Sharp Corp Ltd. for a sum of Rs. 12, 25,00,000/- and after issuance of sale certificate possession of the assets was hande ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itled to receive the excess amount, if any, deposited by the secured creditor with the liquidator xxxxxxxx" 5. In pursuance to the aforesaid, the OL had invited claims from the creditors and ex-workmen of the company in liquidation by publishing the notice inviting claim in Economic Times (English) all India Edition and Nai Duniya All MP Edition on 8/2/2017 by fixing the last date for submission of claim as 9/3/2017. 6. Though the claim from other parties were received but no claim from ex-workmen of the company in liquidation was received. The secured creditor Punjab national Bank had filed their claim for Rs. 9,71,41,370/- and one ex-director Shri Satish G. Bhandari has submitted the affidavit dated 6/10/2012 disclosing the payment of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 98 to 5th November 1998 as ex-workman of company in liquidation. But said Om Prakash Rawal had expressed his inability to submit the supporting documents. Ex-directors were also sent the communication by OL to verify the claim and one of the ex-director Shri Satish G Bhandari vide letter dated 19/1/2019 had informed the OL that all the dues of the ex-workmen were already paid in full before passing the winding up order of the company. 8. In this background Form 69 (notice of rejection of proof of debt) was issued to said Om Prakash Rawal by the office of OL. 9. So far as sum of Rs. 7,95,770/- deposited by secured creditor standard chartered bank towards dues of ex-workmen is concerned, since no claim was received, therefore, the OL had se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liquidation after making aforesaid payment same be transferred to Public accounts of India in RBI in a separate account to be known as company's Liquidation Account in terms of Section 555 of the Act. 13. Hence the OL is permitted to do the needful in this regard. 14. The record also reveals that all the assets of company in liquidation have already been sold and no assets are left. 15. Having regard to the aforesaid analysis, I am of the opinion that it would be just and reasonable to dissolve the company under section 481 of the Companies Act. 16. Accordingly OLR 16/19 is allowed and the company in liquidation i.e. M/s Alpine Biotech Ltd. stands dissolved as being wound up. The OL is directed to forward a copy of this order to the Reg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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