JUDGMENT :

1. The Official Liquidator has filed this report for disbursement of the secured preferential and unsecured creation company liquidation.

2. The OL’s report is premised on the sale of assets and properties of the company in liquidation, i.e. Essen Computers Ltd, which has been confirmed by this Court vide order dated 28.1.2019 for sale consideration of Rs.13 crores in favour of Gujarat State Co-operative Marketing Federation Ltd. The sale of another property of the company in liquidation situated at A/10, GIDC Electronics Estate, Gandhinagar is yet to be sold.

3. The OL had filed O.L Report No.41 of 2019 before this Court for inviting claims of all types of creditors under Sections 529, 529-A and 530 of the Companies Act, 1956. By the orders dated 07.03.2019 and 20.03.2019, this Court permitted the O.L to invite the claims of all types of creditors by publishing advertisement in the newspapers and also permitted to engage Chartered Accountants to verify the claims. Initially, the O.L appointed M/s. Rajni Shah & Associates, Chartered Accountant to verify the claims received from the creditors, and accordingly the C.A. submitted a report dated 07.08.2019. Thereafter, during the pendency of the present OLR, another C.A. was appointed by the OLR being Sheth & Shah Chartered Accountants, which has prepared a fresh report dated 11.02.2022. The Chartered Accountant has earmarked the secured and unsecured claims in his report as per the following ratio:

SECURED CLAIM AND RATIO

UNSECURED CLAIM AND RATIO

4. A total amount, which is secured to be disbursed on ad-hoc basis is Rs.11,50,00,000/- however an objection has been raised by the Kotak Mahindra Bank with regard to determination of the amount as per the Chartered Accountant’s report (Assignee - ICICI Bank). As per the Chartered Accountant’s Report, a total amount of Rs.5,74,10,548/- is required to be disbursed. Out of this amount, the amount of Rs.5,62,75,215/- is considered as unsecured amount under Section 529A of the Companies Act, 2013. The Kotak Mahindra Bank has also raised objection with regard to ratio of disbursement apropos the claim of respondent no.1-Apurva J. Parekh and respondent no.2-Essen Finance and Investments Ltd.

5. Learned advocate Mr.Tirth Nayak appearing for the respondent no.3-Kotak Mahindra Bank, while referring to the report of the Chartered Accountant, has submitted that respondent nos.1 and 2 have not provided the supportive documents and detailed bifurcation of outstanding principle balance and interest amount of their claim and since they have not provided any corroborative evidence to quantify the claim, except it was annexed therein, the amount, which is determined towards the secured creditor, to the extent of Rs.72,00,000/- is not proper.

6. It is submitted that so far as the claim of respondent no.1-Apurva J. Parekh is concerned, the amounts mentioned along with his affidavit are without any proof and it does not show that the said amount is paid to the ICICI. It is submitted that the respondent no.1 claims to have paid Rs.11,00,000/- as a One Time Settlement (OTS) to GSFC and