Important Point: The claims of interest beyond the date of winding up and damages are not payable. When the salaries payable to the employees for the relevant period have been paid in full i.e. without deducting any employees' contribution to the fund, there is no question of paying the Regional Provident Fund Commissioner the component of employees' contribution. The creditors of the company cannot claim interest in winding up for the period subsequent to the winding up if there is no surplus and even if there is surplus, interest cannot exceed 4% p.a. on the admitted amount of the claim.

By this report, the learned official liquidator seeks permission to keep the provision of Rs.23,40,49,334/- towards the payment of Employees Provident Fund Office of Thane, Kandivali, Bandra and Vadodara against their claims i.e. from Punjab and Maharashtra Co-operative Bank Ltd. at the rate of 93.02% for Rs.21,77,12,691/- and from UCO Bank at the rate of 6.98% for Rs.1,63,36,643/- and seeks direction against the Employees Provident Fund Office Kandivali to deposit an amount of Rs.1,12,93,011/- being excess amount alleged to have been paid by the learned Official Liquidator against their admitted amount of Rs.5,54,64,810/-. The Official Liquidator also seeks permission to pay dividend at the rate of 2.504 paise in a rupee, amounting to Rs.28,29,640/- on movable assets and at the rate of 41.024 paise in rupee amount to Rs.4,63,59,090/- on immovable properties i.e. totalling to Rs.4,91,88,730/- to 385 workers.

2. The Official Liquidator seeks further permission to declare further dividend to 3348 works and Punjab and Maharashtra Co-operative Bank Ltd. for sum of Rs.33,89,11,654/- on immovable properties at the rate of 10.882 paise in a rupee whose claims were admitted as per the certified list and 1st to 6th Supplementary List filed with the Prothonotary and Senior Master of this Court and to issue an advertisement for 'Notice of Declaration of Dividend' in various newspapers and to pay the advertisement charges, open a 'Separate Dividend Account' with Punjab National Bank, PNB House, Fort, Mumbai for a consolidated amount of Rs.41,10,65,789/- for payment of 385 workers etc.

3. Learned Official Liquidator seeks permission against UCO Bank and against Punjab and Maharashtra Co-operative Bank Ltd. to pay various amounts towards Central Government Commission payable under Rule 291 of the Companies (Court) Rule, 1959 and to pay further amounts of payment of dividend to workman and secured creditors.

4. The learned Official Liquidator had filed a report dated 23rd February, 2012 for various directions. On 29th March, 2012, this court passed an order on the OLR dated 28th March 2012 alongwith Company Application (L) No.7 of 2012 permitting the Official Liquidator to declare dividend.

5. Pursuant to the said order dated 29th March, 2012, the Official Liquidator declared 1st dividend at the rate of 1.565 paise in a rupee to 2963 workers and to various secured creditors on the movable properties at the rate of 25.64 paise in a rupee of the amount admitted by the Official Liquidator to the 2963 workers and Punjab and Maharashtra Co-operative Bank Ltd. only on the immovable properties. The Official Liquidator thus declared the total dividend at the rate of 27.205 paise in a rupee and issue notices to 2963 workers and 9 secured creditors. Out of those workers, 2940 workers who had discharged their notices of payment and they were paid. The remaining 32 workers who failed to discharge their notices of payment in time were treated as unclaimed claimants and amount payable to those 32 workers had been treated as an unclaimed dividend under section 555 of the Companies Act, 1956. The said amount was transferred on 16th January 2015 to the Registrar of Companies, Maharashtra.

6. UCO Bank and Punjab Maharashtra Co-operative Bank Ltd. furnished various details of the fixed deposit receipts to the Official Liquidator on 27th July 2015 and 29th July 2015 lying with those two secured creditors and the date of maturity and maturity amount payable to Rs.1,05,06,53,781/-. The Official Liquidator has already paid 100% dividend on admitted and adjudicated amount against the claims made by the Provident Fund Commissioner in the sum of Rs.8,07,34,351/-.

7. The claims of EPFO of Thane, Vadodara and Kandivali were re-adjudicated and the claim of Bandra EPFO were adjudicated through the Chartered Accountant. The total amount adjudicated in respect of EPFO Unit Thane, Vadodara and Bandra came to Rs.24,80,25,844/-. The Official Liquidator has already made pa