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Judgment
Hemant Gupta, J.—In C. P. No. 77 of 1992, the respondent-company was ordered to be wound up, vide order of this court dated February 18, 1994. Pursuant to the passing of the winding up order the official liquidator attached to this court was appointed as liquidator and he has taken over complete control of the assets and records of the company in May, 1994.
The ex-management of the company filed Company Application No. 256 of 2003, inter alia, on the ground that State Bank of India, respondent No. 2, has filed a suit in the court of the Senior Sub-Judge, Jind. The said suit was transferred to this court and registered as Company Petition No. 78 of 1994. The suit was decreed on March 12, 1998, for a sum of Rs. 24, 27,611 together with the interest at 20.75 per cent. per annum with quarterly rests. It was pointed out that the stocks lying in the factory premises at Jind since 1993 being perishable in nature have now become obsolete and nothing can be realised therefrom. It has also been pointed out that the mortgaged property has been sold by the company prior to its liquidation with the permission of respondent No. 2-State Bank of India, and the sale amount of Rs. 10.68 lakhs has been duly deposited with the State Bank of India at Jind in the shape of FDRs. The applicant has got a buyer who is ready to pay Rs. 31 lakhs for the properties of the company which are secured with the SBI.
On notice of the said application, learned counsel appearing for the State Bank of India stated that the bank had negotiated a one-time settlement with the ex-managing director of the company and agreed to accept a sum of Rs. 26,97,000 in terms of the RBI One-time Settlement Scheme, 2003.
This court considered appropriate to sell the property of the company by way of auction with reserve price of Rs. 31 lakhs, vide order dated July 31, 2003. In pursuance of the said order, the property of the company was sold in the sum of Rs. 31, 21, 100 to one Gurbux Singh and Sons. The said sale has been confirmed on December 11, 2003, vide orders passed by this court in C. A. No. 774 of 2003.
In the present application Shri Ashok Gupta, learned counsel appearing for the State Bank of India, has pointed out that the property of the company was secured with the bank. The suit of the bank was decreed in the year 1998 whereas possession of the assets of the company was taken over in May, 1994. It is, therefore, prayed that the amount of one-time settlement agreed with the ex-managing director out of the sale proceeds of the company be disbursed to the bank. However, learned counsel appearing for the official liquidator submitted that the claim of the workmen as well as of the other secured creditors is yet to be adjudicated upon and, therefore, it is premature to release the amount to the bank.
A perusal of the facts narrated above shows that the company was ordered to be wound up on February 18, 1994. The decree in favour of the bank was passed on March 12, 1998. For a period of ten years, the official liquidator has not chosen to invite the claims of the creditors nor adjudicated upon the claim of the workmen, if any.
In view of the above, I consider it appropriate that the official liquidator would disburse the amount of Rs. 26,97,000 to the State Bank of India forthwith towards the one-time settlement arrived at by the bank with the company.
However, if the workmen''s claim is adjudicated upon and some part of it is found to be payable by the State Bank of India then the petitioner, i.e., the ex-managing director, shall pay such balance to the official liquidator forthwith. The ex-managing director shall file an affidavit before the official liquidator within one month from today undertaking to pay the amount determined forthwith. If the petitioner fails to deposit the amount as undertaken by him, he shall be liable for proceedings under the Contempt of Courts Act and shall be liable to pay penal interest on the said amount at 15 per cent. per annum. The amount be disbursed to the bank on furnishing of the affidavit by the petitioner.
Shri Ashok Gupta, learned counsel for the bank states that once the payment is received by the bank, all the liabilities of the ex-managing director as well as of the sureties concerned shall be satisfied in view of the one-time settlement arrived at with the bank.
C. A. stands disposed of in the above terms.