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2018 Supreme(Jhk) 1835
IN THE HIGH COURT OF JHARKHAND AT RANCHI
Aparesh Kumar Singh, J.
M/s. Ravi Hi-Tech Ltd. - Petitioner
Versus
B.I.F.R. & others - Respondents
Company Petition No. 03 of 2003
Decided On : 06-12-2018
For the Official Liquidator : Mr. Sachin Kumar, Adv.
For the Respondent- AIADA: Mr. C.A. Bardhan, Adv.
For the Resp- BSFC: Mr. Ashok Kr. Yadav, Adv.
For the Resp-Pegasus Assets M/s P.A.S. Pati, Rohit Kashyap, Adv.
For the Allahabad Bank : Mr. Gautam Rakesh, Adv.
Headnote:
Companies Act, 1956 - section 481 - Claim against Company - Industrial Investment Corporation Limited - Notice inviting claims against Company were published in newspapers - Claims of three secured creditors Gujarat Industrial Investment Corporation in respect of Gujarat Unit of Company and Bihar State Financial Corporation and Allahabad Bank in respect of Jamshedpur Unit Company amounting Received and admitted by Official Liquidator - Details of claims received settled and admitted by Official Liquidator contained in chart Para is also extracted hereunder for better appreciation – Held, Counsel - Does not have any opposition to prayer made by Official Liquidator - He submits that whatever is available out of sale proceeds Jamshedpur Unit of Company liquidations to be apportioned between two secured creditors and Allahabad per charge created against such property - As suchorders may be passed for disbursement of dividend as proposed by Official Liquidator - Counsel - Submits that Unit at Jamshedpur had certain outstanding dues against AIADA which AIADA is entitled to claim - However there is no claim made by before Official Liquidator earlier when notice for adjudication of claim were invited and as on date also there are no such claim through any application on behalf - As such no effective order can be passed on such an oral prayer - In view of aforesaid facts and circumstances taken note above Official Liquidator is permitted to declare and disburse full and final dividend payable to secured creditors and Allahabad Bank or its assignee Pegasus Assets Reconstruction Private Limited as indicated in last chart hereinabove - Official Liquidator is permitted to adjust amount from dividend payable to secured creditor Allahabad Banks per computation made above - Let report be submitted about compliance by next date - Order accordingly
ORDER :
The Official Liquidator has filed a report on 10.09.2018 at Flag ‘74’, contents thereof are being briefly discussed hereinafter for consideration on the prayer made therein.
2. Learned counsel for the Official Liquidator has taken the court through the chronology of events in the lifecycle of this petition where the winding up order was passed on 06.11.2009 on the assets and properties of this Company at two places, (i) at its registered office-cum factory situate at plot no. NS-6, Phase-V, Adityapur Industrial Area, Gamharia, Jamshedpur, Jharkhand and (ii) at Survey Plot No. 30/1 Alindra, Taluka-Kalol, District Panchmahal, Gujarat. Pursuant to the winding up order, possession and properties of the Company were taken over by the Official Liquidator. Both the properties were sold, as per orders of this court dated 25.03.2011 and 29.07.2011. The Gujarat Unit of the Company had two secured creditors namely Gujarat Industrial Investment Corporation and Allahabad Bank being 1st and 2nd Charge Holders respectively. The Gujarat Unit was sold for Rs. 50,00,000/- and Jamshedpur Unit was sold for Rs. 1,62,00,000/-. Notice inviting claims against the Company were published in newspapers on 17.06.2011. Claims of three secured creditors Gujarat Industrial Investment Corporation in respect of Gujarat Unit of the Company and Bihar State Financial Corporation and Allahabad Bank in respect of Jamshedpur Unit of the Company amounting to Rs. 81,33,80,853/- were received and admitted by the Official Liquidator. Details of the claims received, settled and admitted by the Official Liquidator contained in chart under para-5, is also extracted hereunder for better appreciation:
| Sl. No. | Name, Address and description of Creditor | Particulars of debt or claim | Amount laimed (in Rs.) | Amount admitted (in Rs. | Whether admitted as preferential |
| I | Bihar State Financial Corporation, Adityapur, Jamshedpur | Secured Creditors (for Jamshedpur unit of the company) | 2,59,34,335/- | 2,59,34,335/ | Preferential U/s 529A |
| II | Allahabad Bank, Lalpur Chowk, Circular Road, Ranchi | Secured Creditor (for Jamshedpur unit of the company) (paripasu charge with BSFC) | 16,74,30,560/- | 16,74,30,560/ | -do- |
| III | Gujarat Industrial Investment Corporation Ltd., Sayajiganj, Baroda-390005 | Kalol, Gujarat unit of the company as 1st Charge holder) | 34,14,29,449/ | 34,14,29,449/ | -do |
| IV | Allahabad Bank, Lalpur Chowk, Circular Road, Ranchi | Secured Creditors (for the Kalol Gujarat unit of the company as 2nd Charge holder) | 27,85,86,509.41 | 27,85,86,509.41 | -do- |
| V | Total against Jamshedpur unit (BSFC & Allahabad Bank) | As per paripasu agreement | 19,33,64,895/- | 19,33,64,895/- | -do- |
| VI | Total against Kalol unit | GIIC 1st Charge Holder Allahabad Bank 2nd charge | 62,00,15,958.41 | 62,00,15,958.41 | -do- |
| VII | Grand Total | Against the two units (Jamshedpur and Gujarat) | 81,33,80,853/- | 81,33,80,853/- |
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3. Since the amount of claim against Gujarat Unit comprises Rs. 34,14,29,449/- of Gujarat Industrial Investment Corporation Limited (1st Charge Holder) and Rs. 27,85,86,509.41 of Allahabad Bank (2nd Charge Holder), it was absolved by way of payment of Rs. 48,51,760/- to Gujarat Industrial Investment Corporation Limited out of Rs. 50,00,000/- received as sale proceeds from sale of Gujarat Unit after adjustment of due liquidation expenses pursuant to the order dated 08.08.2014 passed by this court. Details of the account of realization, expenses and payment of dividend are also furnished in the form of a chart under para-6 which includes the amount deducted for the expenditure incurred under the heads of security expenses, cost of advertisement, professional fees, travel expenses, Official Liquidator’s Establishment Fund, TDS and
