1. It is informed that Mr. Dave, learned advocate for one of the secured creditors has filed leave note.
Gori, learned advocate representing the workers of N.S. Mills is also not present.
3. One of the persons who claims to be worker of N.S. Mills is present and he submitted that Mr. Gori, learned advocate has returned the papers and he has informed that he does not want to continue as their advocate and they have yet to decide as to whether the workers should represent their case themselves through any representative or services of the advocate should be engaged.
4. Request for time on the said ground is made.
5. On the other hand, Mr. Vasavada, learned advocate appearing for the workers of associated concerns of the company in liquidation raised objection with reference to OL's report dated 12.9.2013 which, in turn, is based on Chartered Accountant's report and his suggestion regarding disbursement ratio and about the amount payable to different categories of workers.
6. Mr. Bhagat, learned advocate for IDBI Bank Ltd., submitted that so far as the said secured creditor is concerned, it has no objection against said last report dated 12.9.2013 filed by OL on the Chartered Accountant's recommendation / suggestion.
6.1 He, however, also submitted that the said secured creditor also does not have any objection if the workmen desire that matter may be remanded to chartered accountant for his consideration however, in that event he reserves his right to raise objection against fresh report, if so required.
7. It is understood that so far as the secured creditor represented by Mr. Dave, learned advocate is concerned, its stand would be the same as taken by Mr. Bhagat, learned advocate for IDBI Bank Ltd.
8. Mr. Yadav, leaned advocate for OL submitted that as of now OL has certain funds in his hand which are available for disbursement and therefore, as per OL's report he may be permitted to disburse the amount and the issues may be considered subsequently.
9. However, since, workers of associated concerns have certain reservation as regards disbursement ratio and amount to be disbursed, it is considered appropriate to direct OL to instruct Chartered Accountant to submit fresh report after considering objection raised by the workers.
9.1 For the said purpose it is further directed that the Union representing the workers of associated concerns will submit point wise objections against Chartered Accountant's report with copy to all secured creditors.
9.2 The said objection shall be submitted to OL who, in turn, will forward the same to Chartered Accountant with instruction to submit fresh report after considering said objection, within period of three weeks.
10. It will be open to the secured creditors to file response with reference to the objections raised by workers.
10.1 If such response from secured creditors is received, Chartered Accountant will take into account the same and then submit his report.
10.2 After report is received from Chartered Accountant, OL will make available copy thereof to the workers of associated concerns, secured creditors and workers of N.S. Mills within one week from its receipt from the Chartered Accountant.
11. In his report OL, after considering the Chartered Accountant's report, shall mention exact amount which, according to the Chartered Accountant's report becomes payable to the different categories of workers. OL shall file a composite report stating entire history of all disbursements and shall also state exact details for proposed disbursement. Such report shall be filed within one week after report from Chartered Accountant is received.
12. On the basis of such report by OL and subject to response by secured creditors and workers appropriate orders for disbursement will be passed.
13. After the OL's report is received, workers and / or secured creditors may also file their objections within one week after the receipt of the said report.
With the aforesaid clarification, the proceedings are adjourned.
S.O. to 25.10.2013.
(K.M.THAKER, J.) Suresh* 6