[1] The present application has been taken out by Union representing interest of workmen of the Company in liquidation.
[2] The applicant - Union has taken out this Judges Summons seeking below mentioned prayer -
"This Hon'ble Court may be pleased to direct the Official Liquidator to re-fix the ratio between the workers and secured creditor and be pleased to direct disbursement as per the re-fixed ratio;
[3] It appears that upon sale of certain immovable assets namely Plot Nos.1311 and 814, Official Liquidator has realized sum of Rs.1.33 Crores. After receipt of the said amount, Official Liquidator had called for report from the Chartered Accountant, suggesting tentative ratio for disbursement. It appears that in response to the request by Official Liquidator, the Chartered Accountant submitted his report whereunder tentative ratio for disbursement in favour of the secured creditors and workmen came to be suggested by the Chartered Accountant which as follows :
1. Workers 05.49%
2. Dena Bank 68.89%
3. GIIC Ltd., 03.97%
4. IDBI Ltd., 21.65% It appears that the workers have some grievance about the ratio.
[4] Mr.Bhagat, learned advocate for the respondent No.4 - IDBI Limited has also raised grievance and objections against ratio suggested by the Chartered Accountant.
[5] It appears that it is common submission on behalf of the IDBI Limited and their workers that Dena Bank and IDBI Limited are not secured creditors and nobody had any charge over the land and building which has been disposed of, however, the Chartered Accountant suggested the ratio treating them as secured creditors and that the submissions is the ratio has been fixed on erroneous basis and it requires to be re-fixed.
[6] Since such exercise would also require Dena Bank and IDBI and SIIC to submit proof of debt and other material in support of their claim. The Official Liquidator is directed to request the Chartered Accountant to rework the ratio for disbursement of the amounts.
[7] Mr.Hiren Modi, learned advocate on behalf of the Official Liquidator has submitted that there are other assets with the Official Liquidator which can be sold and amount can be realized, again by requesting the Chartered Accountant to calculate and fix final ratio instead of tentative ratio may be considered. After the request is forwarded to the Chartered Accountant necessary intimation may be forwarded to the three creditors and the representative of the workmen whereupon the three creditors and the workmen may file their submissions in support of their claim to enable the Chartered Accountant to fix the ratio. The exercise be completed within three weeks and the report be placed on record on or before 29th July 2011. The Official Liquidator shall file statutory report after receiving the report of Chartered Accountant.
[8] With the aforesaid clarification and direction, this application stands disposed of.
[ K. M. THAKER, J. ] vijay Top