Pradeep Nandrajog, J.

1. The present appeal impugns the order dated January 23, 2013 passed by the learned Company Judge, allowing Co.App.(C) No.4/2011 filed by the Official Liquidator and dismissing Co.App.No.401/2012 filed by the appellant in C.P.No.42/2009, and directing the appellant to deposit the amount of Rs.1.10 crores with interest, if any, with the official liquidator.

2. The applications came to be filed before the learned Company Judge in the undernoted facts.

3. A company : M/s. Ganga Yamuna Finvest Pvt. Ltd. (hereinafter referred to as the company) was admitted to the trading membership of the appellant in the year 1995. As a condition of admission, to be a member of the appellant, the company made a deposit of Rs.1.1 crores, in terms of the bye-laws of the appellant.

4. On July 27, 2009 the company defaulted upon its obligations and accordingly was expelled by the appellant from membership. Accordingly, on the event of default happening, the deposit of Rs.1.1 crores came to be vested with the Defaulters Committee of the appellant, under the bye-laws, for disbursement to the persons whose claims were found admissible by the Defaulters Committee.

5. On July 29, 2009 the Defaulters Committee invited claims in respect of the company. It received 151 claims and found 68 claims to be admissible for payment, and finally in its meeting dated June 30, 2011 the Defaulters Committee approved 68 claims found to be admissible for payment of Rs.1,07,82,122.11. Out of Rs.1,07,82,122.11, as on February 10, 2012, claims to the extent of Rs.81,96,954.59 were settled from out of the Investor Protection Fund Trust and the balance from the deposit of Rs.1.1 crores of the appellant. It further resolved for setting aside of balance Rs.83,91,000/- from the deposits of the appellant, as in the meanwhile on September 06, 2010 the company had been ordered to be wound up by the Company Court and the official liquidator appointed as provisional liquidator. On November 10, 2010 the official liquidator asked the appellant to remit to the official liquidator the deposit of the company with the appellant in the sum of Rs.1.1 crores. On February 23, 2011 the appellant responded by asserting that no amount was due from the appellant to the company.

6. The official liquidator reiterated his request and on November 21, 2011 filed Co. App. No. 4/2011 for a direction against the appellant. The appellant thereupon filed Co. App. No. 401/2012 for permission from the Company Court for the Defaulters Committee to deal with the amounts lying with the Defaulters Committee as per the bye-laws of the appellant.

7. These applications were heard and decided by the learned Company Judge. The application of the official liquidator was allowed and that of the appellant was dismissed with a direction to deposit Rs.1.1 crores along with interest, if any, with the official liquidator.

8. In the course of hearing of this appeal, on April 10, 2013, a direction was issued to the official liquidator to invite claims qua the company in order, inter-alia, to ascertain whether there are any other claimants or not. The advertisement for the same was directed to be published in ‘The Statesman’ (English Edition) and ‘Dainik Jagran’ (Hindi Edition) and thereafter the official liquidator was directed to a file a status report.

9. Pursuant to the above, the official liquidator invited claims and filed a report dated May 10, 2013, wherein the official liquidator reported to have received 2 claims only and that too by the investors. Relevant would it be to highlight that no workman filed any claim.

10. Thereafter, the official liquidator filed another report dated July 01, 2013 wherein the official liquidator stated that in addition to the 2 claims, he had received 6 more claims from the investors. The Eight (8) Claims received by the official liquidator were detailed as under:-

(i) Mr. Neeraj Singla Not admitted by NSEIL

(ii) Mr. Manish Gupta Not admitted by NSEIL

(iii) Mrs. Urmila