ORDER :

1. Heard learned advocate Ms. P.J. Davawala for the applicant, learned advocate Mr. A.S. Asthavadi for respondent no.1 and learned advocate Ms.Nalini S. Lodha for respondent no.2.

2. By this report, the Official Liquidator has prayed for the following reliefs:

“(A) This Hon’ble Court may be pleased to hear GSFC and Bank of Baroda before passing any order of Disbursement/recovery from the concerned secured creditors of the company in liquidation.

(B) This Hon’ble Court may be pleased to permit Official Liquidator to pay an amount of Rs. 20,00,000/- or such amount as may be permitted by the Hon’ble High Court to GSFC in this regard.

(C) This Hon’ble Court may be pleased to direct Bank of Baorda to refund an amount of Rs. 15.53/- lacs plus applicable rate of interest to the Official Liquidator.”

3. This Court vide order dated 14.06.2017 passed in Official Liquidator Report No.37 of 2016 directed the Official Liquidator to get a report from the Chartered Accountant for reverification of the claim of Gujarat State Financial Corporation (GSFC) as the Official Liquidator prayed for refund of Rs.8,87,772/- in terms of order dated 23.06.2009 passed by this Court in Company Application No.420/2007 along with interest at the rate of 12% from 23.06.2009 till date of payment from the GSFC. This Court observed the following facts in the said order dated 14.06.2017:

“3. It appears from the record of the application that as per Order dated 23.6.2009 passed by this Court in Company Application No. 420 of 2007, directions were given to the Official Liquidator for disbursement of the amount to the workmen and secured creditors of the company under liquidation named Ahmedabad Eagle Engineering Private Limited. The record further indicates that as per the order passed by this Court, the Official Liquidator was not attended by the respondent No.1 - The Manager, GSFC. The record further indicates that as per the report submitted by M/s. K.K. Patel & Company, Chartered Accountants, the secured creditors and workmen were entitled to the amount:

It further appears from the record that on due consideration of the final claim, the Chartered Accountant has filed a report stating that the respondent No.1 has received an amount of Rs. 8,87,772/- in excess, and therefore, this application is preferred by the Official Liquidator, for refund of the said amount. The record also indicates that lastly by communication dated 7.7.2015, the respondent No. 1 informed the Official Liquidator that no order has been passed for such a refund and there is no basis to restrict the claim of the respondent No.1 only to the tune of Rs. 6,65,287/-. By the very said communication, the respondent No.1 asked for a report of the Chartered Accountant; Minutes of the Sale Committee meeting held on 6.8.2009, and any order of the Court to make refund. The record further indicates that the said letter was replied to by the Official Liquidator vide communication dated 20.7.2015 giving all the details to the respondent No.1. It again appears from the record of the application that by further communication dated 12.8.2015, the respondent No.1 informed the Official Liquidator that this Court had passed no orders for refund of the amount. The Official Liquidator again reiterated its demand for refund by further letters dated 19.8.2015 and 7.9.2015. The said communication was responded to by the respondent No.1 through their learned advocate by communication dated 17.11.2015. In the aforesaid facts of the case, the present report is filed with a prayer, directing the respondent No.1 to refund the amount so claimed.

5. In response to the notice issued by this Court, the respondent No.1 has reiterated its stand, which was focu