TMI Blog2000 (9) TMI 1087X X X X Extracts X X X X X X X X Extracts X X X X ..... extile Labour Association, Official Liquidator, learned counsel Mr. R.M.Desai for respondent no.2 State Bank of India- secured creditor and Mr. B.C. Gandhi, learned counsel for respondent no.3 I.I.B.I. The petitioner has taken out this Judge's Summons with a prayer to grant reliefs (a) to (d) as prayed for in the Judge's Summons. During the course of submissions, learned counsel Mr. Vasava ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r is being passed. 4. The parties, except the OL, have agreed and consented for the same and, therefore, following order is passed :- (i) It is without adjudicating the rights of the parties and without deciding the merits of the case and only with a view to see that the workers with the consent of State Bank of India - secured creditor, are paid some amount by way of an ad hoc arrangements ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice to the contentions raised by the secured creditors and workers in pending O.J. Appeal No. 46/99. (iv) As regards the disbursement is concerned, the OL submits that amount of ₹ 1.38 Crores ( Rs. One Crore Thirty Eight Lacs only ) is lying with him. Out of the same, he will retain ₹ 23 Lacs ( Rs. Twenty three Lacs only ) and from the remaining amount, he will make payment of ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o issue cheque to State Bank of India for the sum of ₹ 60 Lacs ( Rs. Sixty Lacs only), which will be appropriated by the State Bank of India, IIBI towards their claim against the Company in Liquidation. The OL is directed to make the aforesaid payment as expeditiously as possible and preferably within 8 (eight) weeks from today. (v) It is directed that the ratio between the secured credi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
