M/s. Allwyn Watches Ltd. (In Liqn.) vs The Deputy General Manager & Ors.

i.

permit the Official Liquidator to vary the list of creditors of M/s.Allwyn Watches Ltd.(In Liqn.) by adding the names of remaining Creditors including workmen (39 Nos.) as on date and take the varied Form No.71 filed as Annexure- H on record. ii. permit the Official Liquidator to declare the dividend @ 25.72212611 % on the realization of charged immovable assets and also to declare the dividend @ 0.032094438 % on the realization of charged movable assets of the company (In Liqn.) to the eligible Secured and Other Creditors of the company (In Liqn.) and pay the balance dividend of Rs.7,12,91,924/- to the said creditors as per Annexure- I. iii. permit the Official Liquidator to declare the dividend @ 100 %/ balance amount to the 2 creditors (whose claims admitted as priority / secured) and pay the balance dividend of Rs.10,06,097/- to the said workmen / creditors as detailed in Annexure- J.

iv.

permit the Official Liquidator to declare the dividend @ 100 % to the workmen (128 Nos.) and pay the balance dividend of Rs.1,52,95,803/- to the said workmen / creditors as detailed in Annexure- K.

v.

permit the Official Liquidator to declare the dividend @ 49 % on the realization of freehold assets of the company (In Liqn.) to the eligible creditors (including the unsatisfied Secured debt) amounting to Rs.125,57,15,722/- as detailed in Annexure- L.

vi.

permit the Official Liquidator to withhold the dividend amount @ 49 % declared on freehold assets pertains to Six Secured Creditors viz., GIC, LIC, SUUTI, IFCI, IDBI and SBI till the disposal of the another application filing for recovery of the excess interim payment alongwith interest as detailed in Para 16. Also permit the Official Liquidator to disburse the dividend amount declared on freehold assets of the company (In Liqn.) to the remaining eligible creditors, except the Six Secured Creditors, as per Annexure- L.

vii.

authorise the Official Liquidator to open a separate dividend account either in the State Bank of India or its subsidiaries or any other Nationalized Bank, and pay the dividend to the entitled creditors of the company (In Liqn.) from the said account, in terms of Rule 290 of the Companies (Court) Rules, 1959.

viii.

dispense with the publication of notice of dividend to the eligible creditors including the workmen in newspapers as the dividend proposed is only to certain Creditors including the workmen of the company (In Liqn.), who can be informed individually.

ix.

authorise the Official Liquidator to send notice of dividend in Form No.138 to the eligible creditors including workmen individually or through their Union.

x.

authorize the Official Liquidator to pay the dividend amount to any deceased workmen to his/her legal heirs upon production of proofs by such legal heirs i.e. death certificate, family member certificate issued by the competent authority and also upon furnishing personal indemnity.

xi.

authorise the Official Liquidator to take all necessary actions / steps and incur expenses which are incidental for declaration and payment of dividend and to effectively implement the orders of this Hon'ble Court in that regard.

xii.

order that the costs of this application do come out of the available funds of the Company (In Liqn.)

i.

direct the General Insurance Corporation of India, Respondent No.1 herein to pay an amount of Rs.21,72,308/- (excess interim payment of Rs.11,05,477/-+ Rs.10,66,831/- towards simple interest @ 8 % p.a. from 27-03-2014 to 15-04-2026) alongwith subsequent interest @ 8 % p.a. on the excess interim payment till the date of realization. (Or) permit the Official Liquidator to adjust the above excess interim payment alongwith interest payable by General Insurance Corporation of India, Respondent No.1 herein to the Official Liquidator from the proposed dividend on freehold assets to the eligible creditors of the Company (In Liqn.), including the Respondent No.1 herein, as mentioned in Annexure-I and pay the remaining dividend to the Respondent No.1 herein.

ii.

direct the Life Insurance Corporation of India, Respondent No.2 herein to pay an amount of Rs.2,54,02,894/- (excess interim payment of Rs.1,29,27,411/- + Rs.1,24,75,483/- towards simple interest @ 8 % p.a. from 27-03-2014 to 15-04-2026) alongwith subsequent interest @ 8 % p.a. on the excess interim payment till the date of realization. (Or) permit the Official Liquidator to adjust the above excess interim payment alongwith interest payable by Life Insurance Corporation of India, Respondent No.2 herein to the Official Liquidator from the proposed dividend on freehold assets to the eligible creditors of the Company (In Liqn.), including the Respondent No.2 herein, as mentioned in Annexure-I and pay the remaining dividend to the Respondent No.2 herein.

iii.

direct the Specified Undertaking of the Unit Trust of India (SUUTI), Respondent No.3 herein to pay an amount of Rs.37,07,457/- (excess interim payment of Rs.18,86,707/- + Rs.18,20,750/- towards simple interest @ 8 % p.a. from 27-03-2014 to 15-04-2026) alongwith subsequent interest @ 8 % p.a. on the excess interim payment till the date of realization. (Or) permit the Official Liquidator to adjust the above excess interim payment alongwith interest payable by Specified Undertaking of the Unit Trust of India (SUUTI), Respondent No.3 herein to the Official Liquidator from the proposed dividend on freehold assets to the eligible creditors of the Company (In Liqn.), including the Respondent No.3 herein, as mentioned in Annexure-I and pay the remaining dividend to the Respondent No.3 herein.

iv.

direct the IFCI Ltd., Respondent No.4 herein to pay an amount of Rs.9,48,31,144/- (excess interim payment of Rs.4,82,59,115/- + Rs.4,65,72,029/- towards simple interest @ 8 % p.a. from 27-03-2014 to 15-04-2026) alongwith subsequent interest @ 8 % p.a. on the excess interim payment till the date of realization. (Or) permit the Official Liquidator to adjust the above excess interim payment alongwith interest payable by IFCI Ltd., Respondent No.4 herein to the Official Liquidator from the proposed dividend on freehold assets to the eligible creditors of the Company (In Liqn.), including the Respondent No.4 herein, as mentioned in Annexure-I and pay the remaining dividend to the Respondent No.4 herein.

v.

direct the IDBI Bank Ltd., Respondent No.5 herein to pay an amount of Rs.26,37,23,762/- (excess interim payment of Rs.13,42,07,759/- + Rs.12,95,16,003/- towards simple interest @ 8 % p.a. from 27-03-2014 to 15-04-2026) alongwith subsequent interest @ 8 % p.a. on the excess interim payment till the date of realization. (Or) permit the Official Liquidator to adjust the above excess interim payment alongwith interest payable by IDBI Respondent No.5 herein to the Official Liquidator from the proposed dividend on freehold assets to the eligible creditors of the Company (In Liqn.), including the Respondent No.5 herein, as mentioned in Annexure-I and pay the remaining dividend to the Respondent No.5 herein.

vi.

direct the State Bank of India, Respondent No.6 herein to pay an amount of Rs.5,33,57,168/- (excess interim payment of Rs.2,71,53,207/- + Rs.2,62,03,961/- towards simple interest @ 8 % p.a. from 27-03-2014 to 15-04-2026) alongwith subsequent interest @ 8 % p.a. on the excess interim payment till the date of realization. (Or) permit the Official Liquidator to adjust the above excess interim payment alongwith interest payable by State Bank of India, Respondent No.6 herein to the Official Liquidator from the proposed dividend on freehold assets to the eligible creditors of the Company (In Liqn.), including the Respondent No.6 herein, as mentioned in Annexure-I and pay the remaining dividend to the Respondent No.6 herein.

vii.

order that the costs of this application do come out of the available funds of the Company (hi Liqn.).

The Court made the following: ORDER