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R/COMPANY APPLICATION NO. 17 of 2019 With R/COMPANY APPLICATION NO. 67 of 2019 In COMPANY APPLICATION NO. 17 of 2019 FOR APPROVAL AND SIGNATURE:

HONOURABLE MR. JUSTICE BIREN VAISHNAV ==========================================================

1	Whether Reporters of Local Papers may be allowed to see the judgment ?
2	To be referred to the Reporter or not ?
3	Whether their Lordships wish to see the fair copy of the judgment ?
4	Whether this case involves a substantial question of law as to the interpretation of the Constitution of India or any order made thereunder ?

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NARMADA FINTRADE PRIVATE LIMITED Versus OFFICIAL LIQUIDATOR OF OMEX INVESTORS LIMITED ==========================================================

Appearance:

MR AS VAKIL(962) for the Applicant(s) No. 1 BHOOMI M THAKORE(6237) for the Respondent(s) No. 1 ==========================================================

CORAM:HONOURABLE MR. JUSTICE BIREN VAISHNAV Date : 02/08/2022 CAV JUDGEMENT

1. Company Application No.17 of 2019 has been filed by Narmada Fintrade Private Limited (a summons) for the following main reliefs:

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OL to disburse the surplus amount lying with its office in the accounts of Liquidations proceedings of the M/s Omex Investors Limited (In Liquidation) to all the Share Holders / Contributors of the Company, in accordance with Law;

(B) Pending the admission and hearing of the present application, Your Lordships may be pleased to pass an ad-interim order directing the OL to disburse the surplus amount lying with its office in the accounts of Liquidation proceedings of the M/s Omex Investors Limited (In Liquidation) to the Applicant, being the Share Holder / Contributory of the Company, in accordance with law;”

2. Company Application No.67 of 2019 has been filed by State Bank of India (a summons) praying as follows:

“(A) That the H’ble Court be pleased to call for the records and proceedings of Company Application Nos.366 of 2016 and Company Application 17 of 2019 and direct and order the opponent / respondent no herein in Company Application 17 of 2019 and official Liquidator both to join / direct and order joining the applicant bank I.e State Bank of India herein as a party respondent / opponent and also direct and order the respondent no 2 Official Liquidator to disclose and declare that the applicant bank is a secured creditor and disclose the

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interest, costs, charge and expenses as stated in the affidavit in support of this summons.

(B) That the H’ble Court be pleased to pass such other and further orders deemed fit and proper on the facts and the circumstances of the case.”

3. Dealing with the Company Application No.17 of

2019 first, it is the case of the applicant that the applicant - Narmada Fintrade Private Limited, is a majority shareholder of Ms/. OMEX Investors Limited which company was wound up by this Court vide order dated 06.03.1990.

4. The applicant had preferred an application being Company Application No.19 of 2018 seeking disbursement of surplus funds to the shareholders/contributories. By an order dated 18.12.2018, the Company Court allowed the application. The Court taking note of the fact that a fund of Rs.20 crores be set aside, thereafter permitted disbursement of balance

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Pursuant to the said order as per the report of the Official Liquidator filed in the present application, the applicant received an amount of Rs.88,56,53,726/- towards contribution of 10 shareholders in compliance of the order. It is the case of the applicant that there are still more surplus funds lying with the Official Liquidator after the order passed on 18.12.2018 and after the aforesaid disbursement and the prayer therefore as aforesaid.

5. Mr.Apurva Vakil learned counsel for the applicant would invite the Court’s attention to the order dated 18.12.2018

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