JUDGMENT :

K.A. Puj, J.

The Official Liquidator has filed this report praying for the direction to Central Bank of India, GSFC & GIIC to refund to his office a sum of Rs.3,06,23,526/-, Rs. 24,25,368/- and Rs. 8,28,324/- being the excess amount paid to them against outstanding dues, along with interest at such rate as may be determined by this Court.

2. The Official Liquidator has stated in his report that the respondent No. 1 i.e. Central Bank of India has filed Company Application No. 87 of 1999 praying this Court to direct the Secured Creditors of the Company, namely, GSFC & GIIC to file their claims before the Official Liquidator. While disposing of the said application, this Court directed the Official Liquidator to file fresh detailed report pointing out the excess amount paid, if any, to Central Bank of India and GSFC.

3. The relevant facts for consideration of the issue involved in the present report are that by an order dated 01.09.1992 passed by this Court in Company Petition No. 85 of 1991, the Company, namely, M/s. Gujarat Ministeel Limited was ordered to be wound up and