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Narmada Fintrade Private Limited – Appellant
Versus
Official Liquidator Of Omex Investors Limited – Respondent
JUDGMENT :
(1.) Company Application No.17 of 2019 has been filed by Narmada Fintrade Private Limited (a summons) for the following main reliefs:
(B) Pending the admission and hearing of the present application, Your Lordships may be pleased to pass an ad-interim order directing the OL to disburse the surplus amount lying with its office in the accounts of Liquidation proceedings of the M/s Omex Investors Limited (In Liquidation) to the Applicant, being the Share Holder/Contributory of the Company, in accordance with law;"
(2.) Company Application No.67 of 2019 has been filed by State Bank of India (a summons) praying as follows:
Gratuity and provident fund claims of employees are not part of the liquidation estate under the IBC, 2016 and must be prioritized for payment.
Income Tax Department's claim as sovereign dues does not qualify for secured creditor status in liquidation under IBC, requiring adherence to priority provisions.
Income Tax claims do not qualify as secured debts in insolvency; adherence to statutory priority is crucial.
Distribution of liquidation proceeds among secured creditors who have relinquished their security interest must be determined by the value of the specific security interest held, rather than the tota....
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