1. Heard Mr. Yadav, learned advocate for the OL, Mr. Bhagat, learned advocate for the opponent No.2-IDBI and Mr. Shah, learned advocate for the applicant.
2. At the outset it is observed that Mr. Bhagat, learned advocate for the opponent No.2 IDBI has made grievance that OL has not served copy of the Chartered Accountant's Report though it was demanded twice. Any explanation from the office of OL has not come forth. The OL is directed to supply a copy of the OLR dated 26.12.2011 and the Chartered Accountant's Report today to Mr. Bhagat, learned advocate for opponent No.2.
3. Under the previous order dated 17.8.20100, a sum of Rs.8 lacs have been segregated from the total sum received by OL on disposal of the properties at Chhatral Unit. The said sum of Rs.8 lacs have been allowed to be retained in view of the fact that the claim received by the OL from the workers / union comes to the tune of Rs.7,21,800/-. Thus, as such so far as the worker's claim is concerned, appropriate amount has been allowed to be retained by OL while allowing disbursement of other / balance amount received from the sale of properties at Chhatral Unit.
4. Out of the amount received from sale of properties at Chhatral Unit of sum of Rs.4,30,06,500/- has been disbursed in favour of the applicant Indian Bank and sum of Rs.72,93,500/- has been disbursed in favour of the opponent No.2 IDBI and sum of Rs. 8 lacs as mentioned above has been retained separately so as to meet with the claim of workers.
5. Now the issue which remains is about disbursement of the amounts received from sale of the properties at Vatva Unit. With reference to the amount received from the sale of property at Vatva Unit below mentioned observations were made in the order dated 17.8.2011.
"[e] Learned advocate for IDBI has disputed the said assertion and submitted that the Chartered Accountant's report has recognized that, the IDBI had charge over the movable property.
[f] It is further clarified, for present purpose, that the assets at Vatva Unit, and sale proceeds received from sale of Vatva property are, for the present kept outside consideration and and further order, on that count shall be passed subsequently i.e. when the Official Liquidator files a separate report containing details regarding movable and immovable / assets at Vatva Unit supported by the Chartered Accountant's verification report.
[g] The Official Liquidator's Report will also disclose on the basis of Chartered Accountant's Report, as to whether the said two secured creditors had any registered charge in respect of movable assets of Vatva or not.
[h] If need be, the Official Liquidator shall make necessary inquiry with the Office of Registrar of Companies and seek necessary details and place it on record along with its report.
[I] The Official Liquidator shall file such report on or before 5th September, 2011 and when the said report is placed before the Court, final decision regarding disbursement amongst the said two secured creditors will be passed.
[j] So far as the workers' claim is concerned, the entire claim, as received by the Official Liquidator from the side of the workmen as of now, is already taken care of by providing a sum of Rs.8 Lakhs (out of Rs.5.11 Crores, received from the sale assets / properties of the Chhatal Unit) and any further provision will, now, not be necessary on that count; unless fresh claims from the side of workmen are received by the Official Liquidator.
[k] It would be open to the Official Liquidator to again invite claims from secured / unsecured creditors and the workers so that before the final decision with regard to the disbursement of the amounts available with the Official Liquidator (report received from the sale proceeds of the assets at Vatva Unit) are is taken, the picture about claims may become clear."
6. Accordingly, now the amount received from the sale of the properties at Vatva Unit is required to be disbursed.
In this context it is necessary to note that on disposal of the properties at Vatva Unit it is stated by OL and the applicant that a sale consideration to the tune of Rs.6 Crores has been received.
According to the applicant Indian Bank, proportionate distribution from the sale of immovable and movable properties of Vatva Unit is required to be made in the ratio of 91.56% : 8.44 %.
Accordingly bifurcation of the said sum of Rs. 6 Crores would come to Rs.5,49,36,000/- from immovable properties and Rs.50,64,000/- from the movable properties.
So far as the said details are concerned the opponent No.2 IDBI and / or OL has no objection if the said bifurcation and details are accepted.
7. On the other hand in the earlier order date 17.8.2011 it was recorded that on the basis of the submissions made by the leaned advocates for the applicant Indian Bank and opponent No.2 IDBI that so far as the properties at Vatva Unit is concerned IDBI has exclusive charge over the movable assets and so far as the immovable assets are concerned neither IDBI nor Indian Bank have any charge.
8. Therefore, at this stage appropriate direction for disbursement of the amount received from the sale of movable assets (on which opponent No.2 IDBI has exclusive charge) can be made without disbursing any further amount and without further examining the report of the Chartered Accountant or awaiting receipt of any claims which have been invited by OL after the above mentioned order dated 17.8.2011.
Therefore, below mentioned directions are passed:-
(A) The opponent No.2 IDBI shall file usual undertaking with the OL by 13.2.2012.
(B) After undertaking is filed by opponent No.2 IDBI, a sum of Rs.50,61,728 is directed to be disbursed in favour of the opponent No.2 IDBI.
(C) It is clarified that if at any subsequent stage any reconciliation is required to be made from amongst the amount disbursed in respect of Vatva Unit properties and / or Chhatral Unit properties then the applicant Indian Bank and opponent No. 2 IDBI will immediately make available such amounts as are directed after reconciliation and / or in view of receipt of further claims from the workers or other secured creditors or for any contingent liability.
9. At this stage Mr. Yadav, learned advocate for OL has submitted that in pursuance of the previous order OL has already invited claims from the creditors and workers and the last date for receiving claim was 31.1.2012.
10. In view of the aforesaid clarification and considering the fact that any report on the basis of the claim received by OL is still not filed, OL is directed to file the report on or before 21.2.2012 giving details about the claims received.
11. Since the disbursement required to be made in accordance with the provisions contained under Section 529-A stands concluded, now further disbursement shall have to be made in accordance with the provisions contained under Section 530 of the Act, hence present application is disposed of however with the clarification that if the report by OL is not filed within specified time limit and / or any clarification or further direction is required to be made, it will be open to the applicant or opponent No.2 to revive present application.
(K.M.THAKER,J.) Suresh* Top