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Judgment
Justice S. Muralidhar
It appears that notices were issued to Mr. Sanjay Kulkarni and Mr. B.B. Vermani former Directors of the Respondent Company. Mr. Kulkarni who was a nominee Director ceased as such way back in 1999. Mr. Vermani also appears to have resigned way back in 2002. A copy of the Form No. 32 showing his resignation on 17th January 2002 has been produced. It is further stated that Mr. Lakh Raj Channa is also no longer a Co. Pet. 252 of 2002 Page 1 of 3 Director. Consequently the said three persons are not required to be proceeded with against in these proceedings.
Report No. 12 of 2013 (filed by OL)
It is stated by the OL that the fund position as on date of the Company (in liquidation) is Rs. 1,02,08,134. It is stated that of the total claim of Rs. 16,18,80,342, a sum of Rs. 9,65,68,000 has been disbursed towards the dues of the Standard Chartered Bank (?SCB?), IDBI [both of whom are secured creditors] and eight workers. Seventeen more workers have still to be paid their dues. EPF of Rs. 10,22,047 has also to be paid. It is submitted that given the present fund position of the company, it would not be possible to meet all the above liabilities.
On behalf of AK Channa, it is stated that in the statement of affairs furnished to the OL on 22nd September 2008, the details of loans and advances made by the Respondent Company which were due to be recovered by it were set out in para 2 giving the position for the period ended 12th December 2002. It is pointed out that a sum of Rs. 6,92,969.24 is recoverable towards refund of security deposit, central sales tax, tax deducted at source (?TDS?) and interest accrued on fixed deposit.
Mr. Makhija, learned counsel for the OL points out that the details furnished by Mr. Nikhil Channa, ex-Director are inadequate so as to enable the OL to pursue the recovery of the above amounts.
Mr. Nikhil Channa is present in Court. Upon his request, he is permitted to visit the office of the OL on 4th February 2013 at 11.00 a.m. He will be permitted inspection of the books of accounts and records of the Respondent Company. This is essentially to enable him to furnish complete details to the OL in regard to the loans and advances which are recoverable by the Respondent Company. He will also furnish to the OL the details of the sundry debtors of the Respondent Company. This be done within two weeks of the inspection of the records by Mr. Nikhil Channa.
Meanwhile, the fund available as on date with the OL is permitted to be disbursed by the OL to the secured creditors, workers and EPF pro-rata in the same ratio as set out in para 9 of the Report No. 12 of 2003. A further status report be filed before the next date. A copy of the status report filed today will be furnished to the counsel for other parties by the OL. List on 19th March 2013.