JUDGMENT :

1. Heard the parties through video conferencing.

2. These are the petitions filed under Section 433 (e), 434 read with Section 439 of the Companies Act, 1956 for winding up of the company namely Nalanda Ceramics and Industries Ltd. The said Nalanda Ceramics and Industries Ltd. was ordered to be wound up by this Court vide order dated 24.10.1989. Thereafter, the official liquidator was appointed who took possession of the property. The official liquidator by adopting due procedure put the property for sale and the sale has been confirmed vide order dated 21.11.2014 by this Court in favour of M/s Vivan Industries Private Limited for a consideration of Rs.2,03,00,000/-. The auction purchaser M/s Vivan Industries Private Limited took possession of the property on execution of the sale deed. There was delay on the part of the said auction purchaser- M/s Vivan Industries Private Limited in depositing the sale consideration amount only in respect of 3rd and 4th installment but within the stipulated date, the total auction amount has been paid by the auction purchaser- M/s Vivan Industries Private Limited and the delay in depositing the 3rd and 4th installment of the sale has been condoned by this Court vide order dated 16.01.2020. In compliance of the order dated 05.08.2011 passed by this Court notice of claim was published in newspaper on 11.08.2011 and the last date of submission of claims was scheduled on 30.09.2011. The Official Liquidator discussed the issue with the main stake holders in regard to admission of the claim and all the main stake holders of the company agreed to get their share as per their ratio of the amount admitted as secured and the main stake holders in the company did not have any objection in this regard and they also agreed for the claim of RIADA which has now been renamed as JIADA and which is also standing in the queue of secured creditors. The official liquidator has submitted a report and in paragraph no.5 of the report the amount admitted as secured and the amount admitted unsecured/ preferential has been furnished by the official liquidator which is as under :-

3. The amount of sale of the assets has been kept in fixed deposit and presently the amount of 2,62,00,000/- is lying in the account of the said company in liquidation and after deducting the pending liquidation expenses and Central Government Commission, Audit fees, Advocate fee etc. Rs.2,40,00,000/- is available for disbursement of dividend.

4. Mr. Himanshu Kr. Mehta, the learned counsel appearing for the Official Liquidator submits that the amount of Rs.2,40,00,000/- was lying as on 12.02.2020 and submits that by now some more amount has been added as interest on the said amount. It is submitted by Mr. Mehta, learned counsel appearing for the official liquidator that the Official Liquidator is in a position to declare dividend at the rate of 21% (in the report of the official liquidator this figure has been mentioned as 31% but Mr. Mehta- the learned counsel for the official liquidator, submitted that the same is a printing error and the said figure be read as 21%) of the Amount Admitted as Secured as mentioned in column 4 of the table mentioned in this order or a bit more being proportional amount of the interest accrued on the said amount of Rs.2,40,00,000/- from 12.02.2020 t