25-ia-1780-2021.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION

INTERIM APPLICATION NO.1780 OF 2021

IN

COMPANY PETITION NO.212 OF 1989

Gujrat State Financial Corporation

...Applicant

In the matter between

B.I.F.R.

...Petitioner

vs.

The Official Liquidator, High Court, Bombay

and Another

...Respondents

Mr. Amar Gharte i/b. Mr. K.C. Prusty, for the Applicants

Mr. Aditya Pimple, for Respondent/OL.

Mr. Bhavesh Wadhwani i/b. M.V.Kini & Co., for Respondent No. 2.

Ms. Rujuta Patil, for Natwarlal Agarwal, Ex Director of Chemox

Synthetics Textiles Ltd.

Mr. Shatrughn Chauhan, Dy. O.L.

CORAM :

N. J. JAMADAR, J.

DATE :

NOVEMBER 09, 2022

P.C.:

1.

Heard the learned counsel for the parties.

2.

Gujrat State Financial Corporation, the applicant, one of the

claimants who had lodged the claim against M/s. Chemox

Synthetics Textiles Private Limited, the company (in liquidation),

has preferred this application seeking refund of an amount of Rs.

10,30,500/- deposited by the applicant with the Official Liquidator.

3.

The said deposit was made pursuant to the order passed by

this Court on 12^th September, 2018, on the basis of an affidavit in

reply filed by the Official Liquidator dated 27^th August, 2018

Vishal Parekar, P.A.

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25-ia-1780-2021.doc

wherein a direction was sought against Gujrat State Financial

Corporation, the applicant herein, to bring back a sum of Rs.

10,30,500/- and Gujrat Industrial Investment Corporation,

respondent No. 2 herein, another claimant, a sum of Rs.

1,78,86,211/-, as the Official Liquidator upon review of entire file

found that there was an inadvertent mistake in declaring and

paying the dividend of Rs. 1,78,86,211/- (@ 37 paise in rupee) to

Gujrat Industrial Investment Corporation, respondent No. 2.

4.

The applicant avers that the applicant and Gujrat Industrial

Investment Corporation, respondent No. 2, both are the

Undertakings of the Government of Gujrat and they have amicably

settled the differences over the payment to be received from the

Official Liquidator. A joint meeting of the competent officers of the

applicant and respondent No. 2 was held on 18^th March, 2020 and it

was decided, inter alia, as under :-

In view of above facts and figures of the case, it is

decided as under:

1] GIIC Ltd will pay sum of Rs. 18,23,026/- to GSFC

from the total sum of Rs. 1,78,86,211/- received from

the O.L., Office, Mumbai instead of depositing the

entire amount of Rs. 1,78,86,211/- with the OL,

Office, Mumbai.

2] GSFC will get the sum of Rs. 10,30,500/- back,

already deposited with the office of Official

Liquidator, Mumbai.

3] GIIC Ltd. and GSFC will intimate the office of

Official Liquidator, Mumbai about the amicable

Vishal Parekar, P.A.

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25-ia-1780-2021.doc

settlement in case of M/s. Chemox Synthetics

Textiles Limited.

4] GIIC Limited can issue No Due Certificate on

receipt of OL approval.

5.

Mr. Pimple, learned counsel for the Official Liquidator submits

that in view of the aforesaid understanding arrived at between the

two entities of the Government of Gujrat, the Official Liquidator has

no objection to refund the sum of Rs. 10,30,500/- to the applicant.

6.

In view of the aforesaid developments and the statement on

behalf of the Official Liquidator, the Interim Application stands

allowed in terms of prayer clause (a).

7.

Necessary payment be made within a period of two weeks.

8.

Application disposed.

(N. J. JAMADAR, J.)

Vishal Parekar, P.A.

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