2012 (6) TMI 253

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....van and V. Jayaram for the Applicant. P.S. Manjunath for the Respondent. ORDER The instant application is filed by the Official Liquidator on behalf of the Company in liquidation under section 446 of the Companies Act. The prayer in the application is to direct the respondent to furnish details of the interest accrued on the sale proceeds of Rs. 75,00,000/- and to direct the respondent to....

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.... creditors viz., the Karnataka State Financial Corporation ('the KSFC' for short) and the Corporation Bank. It is stated that out of the sum of Rs. 75,00,000/- which was realised, the respondent has appropriated a sum of Rs. 20,00,000/- on 31.03.2004. A sum of Rs. 10,29,000/- has been appropriated by KSFC on 05.08.2004 and further a sum of Rs. 25,04,000/- has been appropriated by the Corporation B....

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.... of Rs. 5,00,000/- from the said amount with the Official Liquidator for taking up further proceedings of liquidation of the Company by inviting claims from all concerned, more particularly the workmen so as to decide the dividend that will have to be ultimately declared keeping in view the provisions contained in Section 529A of the Companies Act. Therefore, at this stage, the direction to furnis....

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....at the amount payable to the workmen could be met from the remaining amount of Rs. 14,42,000/- which is available with the respondent herein, the Official Liquidator shall intimate the same to the respondent who shall out of the said amount deposit the required the amount with the Official Liquidator. It is also clarified that while working out the dividend in such manner, if it is found that an. ....