TMI Blog2018 (2) TMI 1997X X X X Extracts X X X X X X X X Extracts X X X X ..... sale proceeds of the land of the company. In respect of the ratio fixed between the workers and the secured creditors by the Chartered Accountant in the year 2004, no grievance has been made either by workers or secured creditors and such ratio was ordered to be applied for future distribution. The Court finds that since respondents no.3 and 5 have agreed for disbursement as per the same ratio and since other secured creditors have chosen not to appear, they could be taken to have no objection for disbursement of the amount as per the same ratio and since sufficient amount is available in company s account with the Official Liquidator, the permission as sought for by the Official Liquidator for disbursement of the amount between workers an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sent application, an amount of ₹ 25,000/- may be disbursed to the workers at the time of festival of their choice. (C) Any other and further relief/s as may be deemed fit and proper may please be granted. 2. The second application is filed to permit the applicant to be joined as party respondent no.7 in the first application. However, when learned advocate Mr.Vasavada stated, under the instruction of the committee members of the applicant of the first application present in the Court, that in the list of the workers submitted to the Official Liquidator for whom the disbursement is prayed for in the first application, the opponent nos.9 to 21 of Company Application No.99 of 2017 - Kalavatidevi Ramyagnasinh, Vijaysinh Shivramsinh, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the payments of ₹ 3,44,00,000/- and of ₹ 2,22,66,000/- has been made to secured creditors and the workers respectively pursuant to the earlier order and has given out percentage of ratio fixed between the workers and the secured creditors for their entitlement as per the verification report dated 17.02.2004 of M/s.Amal Datt Associates, Chartered Accountant as under: Sr.No. Description Claim amount Rs. In Lacs (Admissible) (%) Ratio A Workers Claim (As per (II) above 1,921.08 55.97 B Secured Creditors as per detailed below 1,510.47 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 29.01.2018. Mr.Vasavada submitted that the applicant is agreeable to abide by the terms and conditions incorporated in the order passed in the case of M/s.Omex Investors Limited and also agreeable to submit affidavit cum undertaking of individual worker with the claim forms of the workers. 6. Learned advocate Ms.Davawala appearing for the Official Liquidator submitted that since the list of the workers was submitted by the applicant somewhere in the year 2004, it will be required of each of the workers included in the list to submit individual claim form with supporting documents as proof of being worker of the company in liquidation and also to file affidavit cum undertaking so that the proper verification of the claim of each ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o issued further direction to apply same ratio to any further distribution that may take place after realization of the sale proceeds of the land of the company. In respect of the ratio fixed between the workers and the secured creditors by the Chartered Accountant in the year 2004, no grievance has been made either by workers or secured creditors and such ratio was ordered to be applied for future distribution. The Court finds that since respondents no.3 and 5 have agreed for disbursement as per the same ratio and since other secured creditors have chosen not to appear, they could be taken to have no objection for disbursement of the amount as per the same ratio and since sufficient amount is available in company s account with the Officia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall open his or her bank account in any Nationalized Bank and shall also specify in the claim form that KYC Norms have been complied with. (iv) It will be open for the Official Liquidator to open Dividend Account for making the aforesaid payment and to prematurely encash the Fixed Deposits to the extent required for the purpose of disbursement as per the present order. (v) In case where any worker / claimant, whose name is in the list of the worker, has died and his/her legal representative has been claiming disbursement of the amount, such legal representative shall be required to furnish relevant documents and indemnity bond and also an undertaking in original to the effect that if in future any kind of dispute arises or any claim ..... X X X X Extracts X X X X X X X X Extracts X X X X
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