IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 27TH DAY OF APRIL 2017 BEFORE THE HON’BLE MR.JUSTICE RAGHVENDRA S. CHAUHAN Company Application No.66/2017 In Company Petition No.135/2000 BETWEEN :
STATE BANK OF INDIA STRESSED ASSETS MANAGEMENT GROUP BRANCH, REPRESENTED BY ITS ASSISTANT GENERAL MANAGER, LOCAL HEAD OFFICE COMPLEX BUILDING, ST. MARK’S ROAD, BENGALURU-01 ... APPLICANT (BY SRI DEEPAK & RAJESH S., ADVs.) AND:
THE OFFICIAL LIQUIDATOR OF ANCO COMMUNICATIONS LTD (IN LIQN.) ATTACHED TO HIGH COURT OF KARNATAKA, 12TH FLOOR, RAHEJA TOWERS, BENGALURU-560001 ... RESPONDENT (BY SRI K. S. MAHADEVAN, ADV. & SRI V. JAYARAM, ADV. FOR OL) THIS COMPANY APPLICATION IS FILED UNDER RULE 6 AND 9 OF THE COMPANIES (COURT) RULES, 1959, PRAYING TO DIRECTING THE OFFICIAL LIQUIDATOR TO DISBURSE RS.22.00 CRORES ON AD-HOC INTERIM BASIS AND ETC.
THIS COMPANY APPLICATION COMING ON FOR ORDERS/BEING SPOKEN TO THIS DAY, THE COURT MADE THE FOLLOWING :
ORDER The State Bank of India has filed the present application seeking a direction from the Court for the official liquidator to disburse Rs.22 crores on an ad-hoc interim basis to the applicant.
2. Learned counsel for the applicant submits that by order dated 28.8.2002 this Court had directed the winding up of M/s.Anco Communications Ltd., (the company in liquidation). Therefore, the assets of the said company were taken over by the official liquidator.
3. He further submits that the applicant is a secured creditor of the company in liquidation. Moreover, the applicant has already furnished the proof of the fact that the company in liquidation owes the bank Rs.72,74,04,960.80. According to the applicant, the official liquidator has sold some of the assets of the company and has sufficient funds to be released to the applicant.
4. Lastly that the account of the company in liquidation has become a non-performing account due to the fact that the amount owed to the applicant is yet to be paid by the company in liquidation. Hence, this application before this Court.
5. The learned counsel for the official liquidator submits that the official liquidator shall have no objection, if this Court were to direct disbursement of merely Rs.7 crores, rather than the disbursement of Rs.22 crores to the applicant.
6. Therefore, the official liquidator is directed to disburse only Rs.7 crores to the applicant on an ad-hoc interim basis.
The application is partly allowed.
Sd/- Judge bkp