Official Liquidator to Disburse Rs. 14 Crores to Workmen Following Division Bench Order

The court directed the Official Liquidator to disburse Rs. 14 crores to the workmen as per the Division Bench's order, ensuring all procedural requirements and verifications were met. The remaining amount from the deposit by Baleshwar Greens was to be invested in a fixed deposit, subject to further orders. The application was disposed of with these directives.

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Issues Involved:
1. Disbursement of dues to the workmen of Omex Investors Mills Limited.
2. Verification and distribution process of the dues.
3. Legal proceedings and orders affecting the disbursement.
4. Compliance and implementation of court orders.

Detailed Analysis:

1. Disbursement of Dues to the Workmen:
The primary issue was the disbursement of Rs. 14,40,33,438/- to 1,874 workmen of Omex Investors Mills Limited, minus Rs. 1,10,00,000/- already disbursed. The company was wound up on 16th March 1990, and subsequent orders in 2000 led to partial disbursements. The Official Liquidator verified the claims, assessing workers' dues at Rs. 14,40,33,438/- with a ratio of 74%. Secured creditors' dues were also assessed and paid partially.

2. Verification and Distribution Process:
The freehold land of the company was auctioned, with the highest bid initially being Rs. 148 crores by Vedika Procon Private Limited. Another party, Baleshwar Greens Private Limited, later offered Rs. 214 crores, leading to a review and fresh auction. The Division Bench directed the Official Liquidator to disburse Rs. 14 crores to the workmen, split between the amounts deposited by the two bidders.

3. Legal Proceedings and Orders:
Several orders were passed to facilitate the disbursement:
- The Division Bench's order on 17th September 2014 directed the disbursement of Rs. 14 crores to the workmen.
- The Official Liquidator was to disburse Rs. 7 crores each from the amounts deposited by Vedika Procon and Baleshwar Greens.
- The Official Liquidator filed reports and sought clarifications on these directions, which were ultimately withdrawn, reinforcing the Division Bench's order.

4. Compliance and Implementation:
The court directed the Official Liquidator to disburse Rs. 14 crores to the workmen proportionately, following specific procedures:
- Workers must submit claim forms with passport-size photographs, verified by their union.
- Payments were to be made through RTGS/NEFT.
- Legal heirs of deceased workers must provide relevant documents and indemnity bonds.
- Chartered Accountants were to verify the claims.
- The Official Liquidator was granted protection under Section 635A of the Companies Act, 1956, for the disbursement process.

The Official Liquidator was tasked with ensuring due verification and meeting all conditions, with a deadline of eight weeks for the disbursement. Compliance reports were to be filed to confirm adherence to the procedures.

Conclusion:
The court allowed the application, directing the Official Liquidator to disburse Rs. 14 crores to the workmen as per the Division Bench's order, ensuring all procedural requirements and verifications were met. The remaining amount from the deposit by Baleshwar Greens was to be invested in a fixed deposit, subject to further orders. The application was disposed of with these directives.

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