IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 11TH DAY OF OCTOBER, 2019 BEFORE THE HON'BLE MRS. JUSTICE S.SUJATHA COMPANY APPLICATION No.219/2008 IN COMPANY PETITION No.62/1987 BETWEEN:
STANDARD CHARTERED BANK A BANKING COMPANY INCORPORATED IN ENGLAND BY A ROYAL CHARTER OF 1853 AND HAVING ITS PRINCIPAL OFFICE AT 1, ALDERMANBURY SQUARE EC2V 7SB ENGLAND AND ITS BRANCH OFFICE AT 5TH FLOOR, 19 RAJAJI SALAI, CHENNAI-600001 BY ITS DIRECTOR – ALTERNATE INVESTMENT GROUP Mr.M.GURUVAYURAPPAN. … APPLICANT (BY SRI PRASHANTH, ADV. FOR R & P PARTNERS) AND:
OFFICIAL LIQUIDATOR OF M/s. SPUNSILK INDIA LIMITED [IN LIQUIDATION] ATTACHED TO HIGH COURT OF KARNATAKA IV FLOOR, ‘D & F’ WING KENDRIYA SADAN, KORAMANGALA BANGALORE-560034. …RESPONDENT (BY SRI SHRISHAIL NAVALGUND, ADV.) THIS COMPANY APPLICATION IS FILED UNDER SECTION 446 [2] [b] AND 537 OF THE COMPANIES ACT, 1956, READ WITH RULE 9 OF THE COMPANIES COURT RULES 1959, PRAYING TO DIRECT THE OFFICIAL LIQUIDATOR REPRESENTING THE 1ST RESPONDENT COMPANY IN LIQUIDATION TO PAY/DISBURSE SOME INTERIM DISTRIBUTION TO THE APPLICANT BANK FROM AND OUT OF THE AMOUNT OF THE SALE PROCEEDS, SUBJECT TO UNDERTAKING BY THE APPLICANT TO REFUND TO THE OFFICIAL LIQUIDATOR ITS PROPORTIONATE SHARE OF SUCH CLAIM AS MAY BE ADJUDICATED AND APPORTIONED AMONGST THE SECURED CREDITORS BY THIS HON’BLE COURT AS LAWFULLY PAYABLE TO THE WORKMEN OUT OF THE AMOUNTS TO BE RECEIVED BY THE APPLICANT HEREIN AS AND WHEN THE CLAIMS OF WORKERS ARE ADJUDICATED AND DETERMINED BY THE OFFICIAL LIQUIDATOR; AND ETC., THIS COMPANY APPLICATION IS COMING ON FOR ORDERS THIS DAY, THE COURT MADE THE FOLLOWING:
O R D E R This company application is filed by the applicant seeking for a direction to the official liquidator representing the first respondent company in liquidation to pay/disburse interim distribution to the applicant bank from and out of the amount of the sale proceeds, subject to undertaking by the applicant to refund to the official liquidator its proportionate share of such claim as may be adjudicated and apportioned amongst the secured creditors by this Hon’ble Court as lawfully payable to the workmen out of the amounts to be received by the applicant herein as and when the claims of workers are adjudicated and determined by the official liquidator.
2. Reply statement has been filed by the official liquidator submitting that the payment of disbursement of any further dividend in favour of the applicant herein may not arise since the official liquidator has already disbursed the amount in accordance with the order of this Court dated 13.07.2017 in OLR No.87/2017.
3. Learned counsel for both the parties submit ad idem that the company application has rendered infructuous accordingly.
In view of the aforesaid, company application stands dismissed as having rendered infructuous.
Sd/- JUDGE NC.