JUDGMENT

Sanjeev Narula, J.

CO.APPL. 1313/2018 (on behalf of Dena Bank/ secured creditor seeking appropriate directions)

1. Despite explicit court directives issued on 10th July 2018 instructing the Official Liquidator ("OL") to disburse payments towards the admitted claims of workmen, the situation remains largely unchanged with a majority of such claims yet to be settled. The key contributor to the present of affairs is the above-captioned application filed by Dena Bank,^{1[Dena Bank merged with Bank of Baroda on 01 April 2019 and the merged entity is presently known as Bank of Baroda. For convenience, Applicant is hereinafter referred to as Dena Bank.]} a secured creditor and the Lead Bank of a consortium of banks^{2[Kotak Mahindra Bank, Indian Overseas Bank, Syndicate Bank, Canara Bank, and JP Morgan.]} ("Consortium"). Dena Bank's instant application pertains to Consortium's second charge on certain assets belonging to the company in liquidation i.e., Jhalani Tools India Limited ("JTIL" or "Company"). They assert that this second charge ranks at par with their first charge. Consequently, this judgment will address Dena Bank's aforenoted contention, but at the same time also deal wit