Mr.
Bhagat, learned advocate representing the IFCI and IDBI, Ms. M.L.Shah, learned advocate representing the State Bank of India, and Mr. Vasavada, learned advocate representing the workers / union have stipulated and declared on behalf of their respective clients that their clients are raising their claim and seeking disbursement on the basis of the Chartered Accountant's report dated 11.1.2012 which is placed on record below OL's report dated 15.2.2012 i.e. page-243 to
269. However, Ms. Shah, learned advocate representing the State Bank of India, has put a rider in her submissions that though the Chartered Accountant's report mentions that all financial institutions who hold the decree passed by the Debts Recovery Tribunal are entitled for interest at the rate of 4%, any particular quantification with reference to the State Bank of India is not mentioned in the report, which the Chartered Accountant is supposed to mention. She submitted that the State Bank of India is in position to place on record the calculation made by it, however, that would be subject to verification by the Chartered Accountant and that therefore, appropriate direction to the Chartered Accountant for the said purpose may be passed.
On perusal of the report by OL dated 15.2.2012, it is noticed that the OL has not made his stand clear as to whether according to the OL, the disbursement amongst secured creditors and workers be made on the basis of the first/earlier report i.e. the report dated 10.1.2012 or OL's report dated 15.2.2012.
Therefore, 10 days' time is granted to the OL to clarify the aforesaid aspect and also to obtain from the Chartered Accountant the quantification of the amount recommended for payment to the State Bank of India on the same line as the recommendations have been made with reference to the IFCI and IDBI.
For the aforesaid purpose, proceedings are adjourned to 5.3.2012.
(K.M.Thaker, J.) kdc Top