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BHARGAV D. KARIA
OL of M/s Shree Hari-Raj Paper Mills Ltd (In Liqn) – Appellant
Versus
Asst. General Manager, IDBI Bank – Respondent
ORDER :
1. The Official Liquidator has submitted this report with following prayers :
(b) This Hon’ble Court may be pleased to permit the Official Liquidator to pay an amount of Rs.8,96,30,954/- [9,18,00,000-21,69,046 (20,31,303+1,37,743)=8,96,30,954] to the first charge holder secured creditors namely GSFC, GIIC, SASF and Workers’ Union of Company in liquidation in proportionate as per the ratio recommended by the Chartered Accountant, through NEFT/RTGS in their bank accounts respectively.
(c) That, this Hon’ble Court may be pleased to permit the Official Liquidator to pay advertisement bill of Rs.1,37,743/- to M/s. Navnitlal & CO., Advertising Agency from fund available in the accounts of company in liquidation.
(d) This Hon’ble Court may be pleased to direct the eligible secured creditors to submit usual undertaking in the office
Expenses incurred by the Official Liquidator in discharge of statutory obligations have a preferential charge over all other debts of the company.
Gratuity and provident fund claims of employees are not part of the liquidation estate under the IBC, 2016 and must be prioritized for payment.
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