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Judgment
The appellant-creditors of liquidated company respondent No. 1 has directed this appeal u/s 483 of the Companies Act, against the order of the Company Judge dated 31.8.2001 passed in Company Petition No. 12/92, whereby dismissing the application LA. 1989/2001 filed by the petitioner and directed the Official Liquidator to disburse the amount as directed in the Court order dated 30.3.2001 and as calculated by him to the workers within a period of one month from the date of order.
The only point urged before us on behalf of the appellant, that by the orders of the company Judge dated 30.3.2001 passed in Co. P. 12/92 it was directed that the workers should be paid atleast 15% of the dues to each of the workers out of the funds of company lying with the petitioner-Banks. After passing of the said order and on calculating 15% of the funds, available with the Banks of a liquidated company, the amount of ad hoc payment to the workers comes to Rs. 3,18,47,687/-. On behalf of the petitioners an application was filed before the company Judge that the total funds of the company available with the petitioner-Banks is about Rs. 5,25,34,700/-. Out of the aforesaid amount if the amount of ad hoc payment is made to the workers, then the petitioners are left with a meagre amount with them which can be credited towards the loan account of the liquidated company.
The contention of the learned Counsel, that in view of the provisions of Section 529(a) of the Companies Act, the petitioners are also secured creditors and entitled for half of the amount lying deposited with the Bank, realised from the assets of a liquidated company by the Official Liquidator; as such, the amount be disbursed to the workers only to the extent of 15% of their shares out of the funds available with the Banks.
Contention of the learned Counsel for the petitioner (appellants) at this stage appears to be pre-mature. By the orders impugned of a company Judge only 15% of the total dues to the workers has been directed to be paid, as such, the provisions of Section 529(a) of the Companies Act cannot be taken into consideration at the time of disbursement of the part payment to the workers against their dues.
In our considered opinion the provisions of Section 529(a) can be applied at the time of final payment of the total dues payable to the workers and the total amount of the appellant-Banks due towards the liquidated company. In case of P.C. Agrawal v. Payment of Wages Inspector, M.P. and Ors., the Apex Court by its order dated 30.4.98 has justified ad hoc payment to the workmen out of the funds available and held that--
"It will be also open to the learned Judge after hearing the parties concerned, including the Liquidator to direct ad hoc payment to the workers in the meantime".
Consequently this Company Appeal filed on behalf of the appellant-Banks is devoid of any merits and substance. We decline its admission and dismiss the same summarily.
As a result of dismissal of the appeal, M(C)P2747/.2001 filed on behalf of the appellant (petitioners), seeking stay of the impugned order dated 31.8.2001 of the Company Judge, is also dismissed and we expect that the all concerned shall comply with the impugned order of the company of the Company Judge forthwith.