ORDER :

1. The Official Liquidator has submitted this report with following prayers :

“(a) This Hon’ble Court may be pleased to permit the Official Liquidator to pay an amount of Rs.20,31,303/- to the Employees Provident Fund Organization (EPFO) as per recommendation of the Chartered Accountants claim verification report dated 21.09.2021.

(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 of the Official Liquidator that if it is found any excess payment have been made then same shall be refunded by them forthwith along with prevailing rate of interest.

(e) This Hon’ble Court may be pleased to direct the Workers’ Union of the Company in liquidation to file usual undertaking in the office of the Official Liquidator that in the event of any excess or duplicate payment is found to have been made then same shall be returned back to the office of the Official Liquidator forthwith.

(f) Any order/ orders as may be deem fit, and proper in the matter by this Hon’ble Court may be passed.”

2. This Court, by order dated 01.12.2017, passed in Company Petition No. 351 of 2013 ordered to wind up Shree Hari-raj Paper Mills Ltd and Official Liquidator attached to this Court is appointed as Liquidator of the said Company with direction to take possession of the assets and properties of the Company (In Liquidation).

3. The Official Liquidator had taken the possession of the assets and properties of the Company (In Liquidation) situated at Survey Nos. 72,73,78,79 at Village-Punadara, Majra-Talod Road, Taluka-Prantij, District, Sabarkantha. This Court by order dated 12.02.2019, 01.10.2019 passed in Official Liquidator Report No. 6 of 2019 confirmed the sale of the aforesaid property for a consideration of Rs. 8,77,15,000/- in favour of M/s. Shrijee Paper Mills Pvt. Ltd.

4. The Official Liquidator has handed over the possession of the above assets and properties of the Company (In Liquidation) to the auction purchaser on receipt of the full amount of sale consideration.

5. The Official Liquidator thereafter published advertisement in Gujarat Samachar and Times of India newspapers on 28.01.2020 to invite the claims of workers and secured creditors of the Company (In Liquidation) under sections 529 and 529A of the Companies Act, 1956. The Official Liquidator has also prayed for payment of the advertisement bill of Rs.1,37,743/- to M/s. Navnitlal & Co., Advertising Agency for publishing said advertisement.

6. In response to the advertisement, Workers’ Union and Secured Creditors/Consisting of banks and Employees Provident Fund Organization lodged their claims before the Official Liquidator as under :

7. On receipt of the above claims, the Official Liquidator appointed M/s. M.K. Shah