Court allows amendment of pleadings, sale of properties under supervision, creditor priorities, workers' claims, and suit decree.

Industrial Development Bank of India Limited. Versus Dabhol Power Company & Ors.

Industrial Development Bank of India Limited. Versus Dabhol Power Company & Ors. - TMI Issues involved:
1. Amendment of pleadings and application for sale of properties under the Court Receiver
2. Rights of unsecured creditors in case of obtaining order or decree
3. Treatment of workers with paripasu charge under Section 529-A of the Companies Act
4. Rights of other employees not covered under Section 529-A
5. Agreement among all parties involved in the suit
6. Decree of the suit and disposal of Notice of Motion

Analysis:

1. The judgment begins by granting leave to amend the pleadings in accordance with the draft amendment. The plaintiffs are allowed to apply for the sale of properties belonging to defendant no.1, under the supervision of the Court Receiver appointed by the High Court of Bombay. The parties have submitted a Minutes of Order, which is accepted, and an order is passed based on the Minutes of Order.

2. The counsel for the plaintiffs informs the court regarding the unsecured creditors' claims. They are permitted to seek appropriate proceedings for the adjudication of their claims. If any unsecured creditor obtains an order or decree, a valuer will be appointed to assess the assets under the control of respondent no.7. The plaintiffs will prioritize the claims of secured creditors, and any remaining amount will be allocated to satisfy the claims of unsecured creditors to the extent possible.

3. Regarding the workers who have received awards or decrees from a competent court and are entitled to paripasu charge under Section 529-A of the Companies Act, the plaintiffs and other financial institutions must discharge that liability as per the provisions of paripasu charge. This ensures that the workers' claims are given priority in accordance with the law.

4. Other employees who do not fall under the protection of Section 529-A are to be treated similarly to unsecured creditors. Their rights will be covered under the same provisions as those applicable to unsecured creditors, ensuring a fair and consistent approach to resolving their claims.

5. All parties involved in the suit express no objections to the arrangements made for the treatment of unsecured creditors, workers, and other employees of the company. This indicates a consensus among the parties regarding the proposed solutions for addressing the various claims and liabilities arising from the legal proceedings.

6. Finally, the suit is decreed in accordance with the Minutes of Order submitted. Notice of Motion is disposed of as per the terms outlined in the Minutes of Order. No specific orders are made regarding costs, and a certified copy of the judgment is to be expedited for the parties to act upon.