2014 (4) TMI 980

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.... of Rs.104lakhs, owed on account of funded interest, as a secured debt. 2. The Official Liquidator had, by its letter dated 18.03.2013, admitted the claim of the appellant for a sum of Rs.13,75,69,834/- (Rs.1,20,00,000 as Secured debt and Rs.12,55,69,834/- as Unsecured debt). The appellant was aggrieved by the said decision and had filed an appeal (Co. A(SB)No.18/2013) before this court contending that the appellant was also a secured creditor in respect of the amount of Rs.12,55,69,384/-. By an order dated 10.04.2013, this court set aside the decision of the Official Liquidator and remanded the matter with a direction to pass a reasoned order. 3. Thereafter, the Official Liquidator has passed the impugned order where by the Official ....

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....rder to determine the ratio in which the available funds were to be disbursed. 7. The learned counsel for the Official Liquidator has also drawn the attention of this Court to an extract of the minutes of a meeting containing a noting dated 14.01.2013. A typed copy of the same is annexed with the reply. The said minutes indicate that the representative of the appellant bank had on 14.01.2013 had accepted the above principle and had confirmed the principal amount which was outstanding and due to the appellant bank. The said minutes record: "As claim of all secured credit or shave been adjudicated on the basis of principle outstanding, the same criteria have been adopted for the purposes of adjudicating the claim of Central Bank". 8. Th....