Court Approves Disbursement to Creditors per CA Report, Respondent (SBI) May File Claim

The court allowed the Official Liquidator to disburse verified amounts to secured and unsecured creditors, including workers, as per the Chartered Accountant's report. Disbursement was to be proportional and subject to court orders. Respondent no.2 (SBI) could file its claim in form 66 with the Official Liquidator. The case was set for further hearing on 12.09.2017.

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Issues Involved:
1. Payment of dues and interest to workers of New Rajpur Mills Ltd. under the Companies Act.
2. Verification and disbursement of claims by the Official Liquidator.
3. Claims and interests of secured and unsecured creditors.
4. Specific claims and objections by respondent no.2 (SBI).

Detailed Analysis:

1. Payment of dues and interest to workers:
The applicant Union sought a directive for the Official Liquidator to pay Rs. 3,09,92,881/- to the workers of New Rajpur Mills Ltd. along with interest under the Companies Act. The Union argued that all workmen had been paid dues under sections 529 and 529A of the Companies Act, 1956, and sufficient surplus funds were available with the Official Liquidator to cover the interest claims. The Division Bench had previously directed the Official Liquidator to pay requisite dues to the claimants as per the priority in accordance with law.

2. Verification and disbursement of claims:
The Official Liquidator, in response to the notice, filed a report stating that the Chartered Accountant had verified the claims of all secured creditors and workmen. The report detailed the amounts due and payable, including Rs. 18,02,46,199/- for the Workers Union, and other amounts for various unsecured creditors. The Official Liquidator confirmed that workmen and secured creditors had been paid under sections 529 and 529A, and the claims under section 530 had also been considered. A total amount of Rs. 3,15,60,000/- out of Rs. 6,25,52,881/- had been paid, with each workman receiving a maximum of Rs. 20,000/-.

3. Claims and interests of secured and unsecured creditors:
The Official Liquidator's report included a detailed table (Table A) showing the secured claims paid, unsecured eligible claims, and interest calculations at 4% per annum for 159 months. The total amount found due and payable to eligible unsecured creditors was Rs. 3,90,20,035/-. The Chartered Accountant verified the claims and calculated the interest from the date of winding up to the date of last disbursement. The Official Liquidator confirmed that approximately Rs. 9.70 crores were available in the company's funds for disbursement.

4. Specific claims and objections by respondent no.2 (SBI):
Respondent no.2 (SBI) had lodged a claim under section 530 for interest upon receipt of the final principal amount and filed a revised claim of Rs. 2,63,08,288/-. However, the Official Liquidator stated that no claim under section 530 in form 66 had been filed by respondent no.2. The court permitted the Official Liquidator to disburse the amount as per Table A, totaling Rs. 3,90,20,035/-, subject to the creditors furnishing undertakings to refund any excess amount if found by the court. The applicant Union was also directed to file undertakings and provide bank details for disbursement via RTGS.

Conclusion:
The court permitted the Official Liquidator to disburse the verified amounts to secured and unsecured creditors, including the workers, as per the Chartered Accountant's report. The disbursement was to be made proportionately and subject to further orders of the court. Respondent no.2 (SBI) was allowed to file its claim in form 66 with the Official Liquidator's office. The matter was scheduled for further hearing on 12.09.2017.

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