ORDER :

1. Heard learned advocate Mr. Dharmesh Shah for the applicant, learned advocate Ms. Bhoomi Thakore for the Official Liquidator, learned advocate Ms. Nalini Lodha for respondent No.2 and learned advocate Mr. D.K. Nakrani for respondent No.4.

2. This application is filed by the Surendranagar Peoples Co.op Bank Ltd (in Liquidation) with the following prayers :

“A. This Hon’ble Court be pleased to pass an order directing the Official Liquidator to disburse an amount of Rs.5,48,94,013/- with running interest at the rate of 16% p.a. as per the Decree passed by the Hon’ble Chamber Judge Court No. 14, City Civil Court, Ahmedabad, Below Exh. 24 dated 16.03.2006 in Summary Suit No. 3105 of 2004 towards outstanding amount as in favour of the applicant/creditor of the company in liquidation.

B. Pass such other and further order in the interest of justice that may be deemed fit to this Hon’ble Court in the facts and circumstances of the case.”

3. The applicant-Bank has given funds to the Company [In Liquidation] and the same has not been repaid by the Company. In the year, 2004, the applicant-Bank has filed a Summary Suit No. 3105 of 2004 before the City Civil Court at Ahmedabad and the City Civil Court by order dated 16.03.2006 decreed the suit in favour of the applicant for an amount of Rs.5,48,94,013/- with 16% interest from 16.03.2006 till realization and the decree attained the finality.

4. In the meantime, the Company Petition No. 146 of 2006 has been preferred before this Court against the Company and on 16.05.2008 Official Liquidator came to be appointed by this Court.

5. To dispose of the properties of the Company[In Liquidation], an advertisement was published by the Official Liquidator inviting bids. Thereafter, this Court [Coram: Hon’ble Mr. Justice K.A. Puj, as his Lordship was then] by order dated 01.10.2010 in Official Liquidator Report No. 66 of 2010 confirmed the offer in favour of highest bidder.

6. It appears that the Official Liquidator invited the claims of the creditors and workers of the Company (In Liquidation) in the news papers pursuant to the order dated 05.12.2011 passed by this Court in Company Application No. 483 of 2011. In response, the Official Liquidator received total 48 claims. The Official Liquidator appointed M/s. Darshan A. Shah & Co., Chartered Accountant on 23.02.2012 to verify the claims of the secured creditors and workers.

7. Thereafter, the Official Liquidator appointed M/s. Amal Dutt on 27.08.2012 to verify the claims of secured creditors and workers as the earlier Chartered Accountant denied to carry out the verification work.

8. It appears that thereafter M/s. Amal Datt & Associates, Chartered Accountant submitted the verification report on 06.01.2015. Respondent No.4-Indian Overseas Bank raised objection to the report submitted by the Chartered Accountant on the ground that respondent No.4 and SIDBI have not filed their claim and therefore, their claims are not considered or verified though such claims were submitted before the earlier Chartered Accountant M/s. Darshan A. Shah & Company.

9. The Official Liquidator thereafter obtained re-verification report from M/s. Amal Datt and Associates, Chartered Accountant which was submitted on 30.03.2017 along with Official Liquidator Report dated 12.06.2017.

10. It appears that this Court passed the order dated 02.12.2021 directing the Official Liquidator to file a fresh report to be obtained from Chartered Accountant for disbursement of amount payable to the workers as well as the secured creditors as per the provision of sections 529 and 529A of the Companies Act, 1956.

11. The Official Liquidator pursuant to the aforesaid order received a letter dated 29.01.2022 from M/s. Amal Datt and Associates, Chartered Accountant confirming the earlier verification report dated 30.03.2017.

12. Thereafter, this Court passed the order dated 23.09.2022 directing