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Judgment
Ajay Rastogi, J.—Instant application has been filed by Official Liquidator of M/s Rathi Alloys and Steel Ltd. U/r 275 of the companies (Court) Rules, 1959 seeking permission for making payment of interim dividend to secured credtiros of Co. (in liquidation).
It has been averred in the application that in Company Petition No. 36/2000, winding up order of M/s Rathi Alloys and Steel Ltd was passed on 24/08/2001 and the applicant OL was appointed as official liquidator from the date of order for conducting the winding up proceedings.
It has been prayed that while leaving apart amount being claimed by the workmen as referred to in prayer Clause (ii) which still requires to be adjudicated, available funds of Rs. 32 Crores (Thirty Two) may be distributed as interim payment of dividend to secured creditors against their admitted claims referred to para 5 of instant application; and as regards claims of workers, it will be examined in terms of Section 529A of Co. Act. It has also been prayed for keeping the remaining balance amount after excluding the amount as proposed in prayer Clause (ii) and (iii), for disbursement to the creditors alongwith sale proceeds of assets (yet to be realized) as referred to in para 7 of instant application.Permission has also been sought for opening dividend account of Co. (in liquidation) with Punjab National Bank and to encash the FDRS and transfer amount of Rs. 32 (Thirty Two) Crores into the dividend account for making payment of interim dividend to secured creditors through A/c payee cheques.
It has also been prayed that permission may be granted to the applicant (OL) to issue notice for publication in the news paper as per Annexure A referred to in prayer Clause (vii).
Shri VL Mathur and Shri Suresh Dutt Dhobal appearing for non-applicant (IFCI) jointly accept the prayer made in instant application. Taking note whereof, instant application as prayed for is accordingly allowed. The OL is permitted to distribute Rs. 32(Thirty two) Crores as interim payment of dividend to secured creditors against their admitted claims referred to in para No. 5 of instant application; and while excluding the amount as proposed in prayer Clause (ii) and (iii), the OL is permitted to keep remaining balance amount for distribution to the creditors alongwith sale proceeds of assets referred to in para 7 of which has yet to be realized; and the OL is further permitted to open dividend account of Co. (in liquidation) with Punjab National Bank, Nehru Place, Jaipur and to encash the FDRS and transfer Rs. 32 Crores for making payment of interim dividend to secured creditors through account pay cheques; and the OL should published notice as per Annexure A in news paper referred to in prayer Clause (vii) of instant application in accordance with law.
With the directions (supra), instant application stands disposed of. Compliance of order (supra) be made within two months.
A copy of this order be placed in Co. Pet. No. 36/2000.