ORAL ORDER

Leave to place on records Annexure-H letter dated 23rd July, 2015.

2. Heard learned advocate Mr.Dipak Dave for the applicant, learned advocate Mr.Jeet Bhatt for the respondent No.1, learned advocate Mr.A.S. Asthavadi for the respondent No.2 and learned advocate Mr.Devang Trivedi for the respondent No.4.

3. The applicant – General Cooperative Bank Limited (in liquidation) has filed this application with the following prayers :

“(A) Be pleased to direct the Official Liquidator to consider the applicant as secured creditor with regard to movable and immovable assets of M/s. Suvin Cement Private Limited (In Liqn.) and accordingly direct the Official Liquidator to fix the ratio and accordingly disburse the amount considering the applicant as secured creditor;

(B) Grant such other and further reliefs as are deemed fit in the interest of justice.”

4. The facts of the case of the applicant are that, the applicant is the cooperative Bank at present under liquidation. The Company in liquidation i.e. M/s. Suvin Cement Private Limited availed the financial assistance of Rs.15,00,000/- from the applicant in the year

1986.

4.1 The Company in liquidation failed to repay the loan amount and the applicant, therefore, filed Lavad Suit No.33 of 1995 before the Board of Nominees. The Board of Nominees passed a decree dated 5th February, 1996 against the Company in liquidation and its Directors for recovery of the amount of Rs.43,81,532.72/- with interest and cost.

4.2 One of the Directors, thereafter, preferred an Appeal No.40 of 1997 before the Gujarat State Cooperative Tribunal (for short “the Tribunal”) which was allowed qua that Director vide order dated 29th September, 1998.

4.3 It is the case of the applicant that after the Decree was passed by the Board of Nominees, as no payment was made by the Company in liquidation, several steps including the attachment of the properties of the Company were taken. The applicant has placed on record the attachment order dated 27th July, 2004 at Annexure-D along with Panchnama at Annexure-E.

4.4 According to the applicant, the amount of more than Rs.4,00,00,000/- is outstanding to be paid to the applicant by virtue of the Decree dated 5th February, 1996.

4.5 This court passed an order of winding up of M/s. Suvin Cement Pvt. Ltd. on 12th January, 1998 in Company Petition No.415 of 1997 and the Official Liquidator attached to this court was appointed as Official Liquidator of the Company in liquidation.

4.6 In compliance of the order passed by this Court, the Official Liquidator has taken the possession of the factory premises situated at Survey No.74/1/P at village: Lokhanka, Dist: Surendranagar and this Court vide order dated 24th April, 2015 passed in OLR No.54 of 2015 has confirmed the sale of plants and machineries in favour of M/s. A.A. Associates for an amount of Rs.30,30,000/-.

4.7 It appears that pursuant to the advertisement issued by the Official Liquidator in compliance of the order passed by this Court on 23rd April, 2015 in OLR No.29 of 2015 the applicant submitted an application before the Official Liquidator to register the claim of the applicant as “Secured Creditor”. However, the Official Liquidator by reply dated 23rd July, 2015 informed the applicant that the applicant cannot be considered as “Secured Creditor” of the company in liquidation as the applicant did not register the charge on the basis of the Decree in the Office of the Registrar of Companies.

4.8 It was therefore, informed to the applicant that the applicant would fall under the category of one of the unsecured creditors of the company in liquidation.

4.9 The applicant therefore, being aggrieved has filed this application with the aforesaid prayers.

5. Learned advocate Mr.Dipak Dave for the applicant submitted that the Board of Nominees passed the Decree on 5th February, 1996 (at Page No.28), Annexure-B to the petition, whereas, this court passed the order of winding up on 12th January, 1998 and as such the Decree passed by the