THE HON’BLE SRI JUSTICE T. VINOD KUMAR COMPANY APPLICATION No.80 of 2023 In R.C.C. No.22 of 2000

ORDER

1. This Company Application and the Judge’s summons are taken note of the following:

i. permit the Official Liquidator to declare dividend @ 61.20% to Sri Arvind Kumar Jaiswal (unsecured creditor) amounting to Rs.1,31,580/- at par with other unsecured creditors of the company (in.Liqn.) as per the High Court order datd 08.09.2016 as stated in para 7 & 8 of the affidavit.

ii. Authorise the Official Liquidator to make the payment of dividend amount of Rs.1,31,580/- to Sri Arvind Kumar Jaiswal and to take all necessary actions/steps which are incidental to declaration and payment of dividend and to effectively implement the orders of the this Court in that regard.

iii. Permit the Official Liquidator to vary the list of creditors of the company (In.Liqn) by including his name and to file necessary application seeking to vary the list of creditors and declaration of dividend after adjudication of other three claims as stated at para No.8 of the affidavit.

iv. Order that the costs of this application do come out of available funds of the Company (In.Liqn.).

2. Heard Sri J. Srinadh Reddy, learned Standing Counsel for the Official Liquidator and the Official Liquidator who is present in person.

3. Learned Standing Counsel submits that this Court by order dated 23.09.2022 in Company Appeal No.1 of 2022 while allowing the appeal directed the Official Liquidator to adjudicate the claim of the applicant and make necessary payment thereof. 4. Learned Standing Counsel submits that the Official Liquidator had received the claim in a sum of Rs.2,15,000/- and though the said amount was admitted, since the claimant is an unsecured creditor, he would be entitled to the payment in proportion to the payment as made to the unsecured creditors of the Company-in-Liquidation.

5. Learned Standing Counsel submits that, pursuant to an approval granted by this Court, the unsecured creditors were paid dividend at the rate of 61.20% as against their entitlement and since, the claimant also falls under the category of unsecured creditor, he is also entitled to the payment in the same proportion.

6. Learned Standing Counsel for Official Liquidator would further submit that as of today the total amount available in the books of the company in liquidation, the fund position of the company-in-liquidation is a sum of Rs.33,89,012.66 ps.

7. Learned Standing Counsel further submits that if this Court were to permit the Official Liquidator to disburse the declared dividend at the rate of 61.20% as paid to unsecured creditors, the claimant would be entitled to a sum of Rs.1,31,580/- and since the fund position of the Company in Liquidation is 33,89,012.66 ps, the Official Liquidator may be permitted to make the payment of dividend.

8. I have taken note of the submissions.

9. Though the claimant has rendered professional services and had submitted bills for a sum of Rs.2,15,000/-, since he stands in the same position of an unsecured creditor, he would be entitled to receive the payment as an unsecured creditor at the rate of 61.20% in terms of the order of this Court dated

08.09.2016.

10. Accordingly, the Company Application is ordered and the Official Liquidator is permitted to make payment of a sum of Rs.1,31,580/- to the claimant in settlement of the claim from and out of the fund available with the Official Liquidator of the Company in Liquidation within two weeks from the date of this order. However, it is made clear that in future if any further dividend is distributed, the claimant would also be entitled to receiver further amounts. No costs.

As a sequel, miscellaneous petitions, if any, pending shall stand closed.

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Date: 08.09.2023 T. VINOD KUMAR, J MRKR THE HON’BLE SRI JUSTICE T. VINOD KUMAR COMPANY APPLICATION No.80 of 2023

08.09.2023 MRKR