2004 (2) TMI 366

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....d Chhiber for the Applicant. Ashok Gupta for the Respondent. Alok Jain for the Official Liquidator. JUDGMENT 1. In C.P. No. 77 of 1992, the respondent-company was ordered to be wound up, vide order of this Court dated 18-2-1994. Pursuant to the passing of the winding up order the Official Liquidator attached to this Court was appointed as Liquidator and he has taken over complete control of the ....

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....f respondent No. 2-State Bank of India, and the sale amount of Rs. 10.68 lakhs has been duly deposited with the State Bank of India at Jind in the shape of FDRs. The applicant has got a buyer who is ready to pay Rs. 31 lakhs for the properties of the company which are secured with the SBI. 3. On notice of the said application, learned counsel appearing for the State Bank of India stated that the ....

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.... whereas possession of the assets of the company was taken over in May, 1994. It is, therefore, prayed that the amount of one-time settlement agreed with the ex-managing director out of the sale proceeds of the company be disbursed to the bank. However, learned counsel appearing for the Official Liquidator submitted that the claim of the workmen as well as of the other secured creditors is yet to ....

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.... the ex-managing director, shall pay such balance to the Official Liquidator forthwith. The ex-managing director shall file an affidavit before the Official Liquidator within one month from today undertaking to pay the amount determined forthwith. If the petitioner fails to deposit the amount as undertaken by him, he shall be liable for proceedings under the Contempt of Courts Act and shall be lia....