TaxTMI 
TaxTMI 
2017 (9) TMI 436
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....application and has prayed for a direction directing the Official Liquidator to pay an amount of Rs. 3,09,92,881/or which is found due and payable by the Chartered Accountant to the workers of New Rajpur Mills Ltd. (company in liquidation) along with interest which is payable under the provisions of the Companies Act. The applicant in support of this judges summons, has contended that all workmen have been paid dues under section 529 and 529A of the Companies Act, 1956. It is the case of the applicant that sufficient surplus is there with the Official Liquidator and therefore, claim as regards interest also been lodged. It is a matter of record that applicant Union thereafter approached this Court by way of Company Application No.358/08, wh....
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.... 1 WORKERS UNION THROUGH MR. GANPATBHAI M. PARMAR, MEMBER 18,02,46,199 Unsecured creditors 2 IFCI LTD. 1,95,35,246 Unsecured creditors 3 IDBI BANK LTD. 2,49,59,012 Unsecured creditors 4 M/S. APAJI AMIN & CO. 3,72,544 Unsecured creditors 5 M/S. JAYANTILAL CHIMANLAL 8,30,778 Unsecured creditors 6 M/S. MASTER TRADERS 14,320 Unsecured creditors 7 M/S. LOOM DROP PINS MFG.CO. 4,695 Unsecured creditors 8 M/S. APCO AGENCY 39,760 Unsecured creditors 9 M/S. ANIL COTTON 8,63,454 Unsecured creditors 10 M/S. DILIPBHAI M. PATEL 23,95,493 Unsecured creditors 11 MR HIMATLAL RAVJIBHAI SOLANKI 1,40,757 Unsecured creditors Employee's claim 12 GUJARAT LABOUR WELFARE BOARD 76,482 Preferential credit....
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.... Eligible interest @ 4% P.A. For 159 months (In Rs.) Unsecur ed Eligible claim Total O/S (In Rs.) Ratio (%) (1) (2) (3) (4) (5) (6) (7) 1 IDBI 48,88,383 0 0 0 25,90,84 3 25,90,84 3 6.64 2 IFCI 14,08,185 0 0 0 7,46,338 7,46,338 1.91 3 ISARC 37,83,836 0 0 0 20,05,43 3 20,05,43 3 5.14 4 WORKERS 10,23,70,009 6,25,52,8 81 3,15,60,0 00 3,09,92,8 81 0 3,09,92,8 81 79.43 5 APAJI AMIN & CO. 0 3,72,544 0 3,72,544 1,97,448 5,69,992 1.46 6 JAYANTILAL CHIMANLAL 0 8,00,778 0 8,00,778 4,24,412 12,25,19 0 3.14 7 MASTER TRADERS 0 0 0 0 0 0 0.00 8 LOOP DROP PINS MFG. CO. 0 4,695 0 4,695 2,488 7,183 0.02 9 APCO AGENCY 0 23,620 0 23,6....
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....ors/parties to this application to pass necessary order of disbursement to Unsecured Creditors in proportionate ratio which as mentioned in Table" A" as per the verification report submitted by M/s. Divyesh H. Shah & Co., Chartered Accountants, on furnishing the usual undertaking by the unsecured creditors. b) That, this Hon'ble Court may be pleased to permit the Official Liquidator to encash necessary FDR to meet with the FDR to meet with the requirement of disbursement. c) This Hon'ble Court may be pleased to direct the applicant workers union who are represented to workers of the said Company in liquidation to file undertaking in the office of the Official Liquidator that in the event of any excess or duplicate or wrong pay....
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....cation. 8. Mr. Yadav, learned counsel appearing for the Official Liquidator states on instruction that no claim under section 530 in form 66 has been filed by respondent no.2 and it has been now raised at the fag end of the hearing of this application. 9. Be that it may be so, as far as the claims of other secured creditors, the same is already verified by the Chartered Accountant which is not in dispute by any secured creditors so also the applicant workers Union and considering the fact that a sum of Rs. 9.70 crores is lying in the funds of the company in liquidation, considering the disbursement to be adhoc, the Official Liquidator is permitted to disburse the amount as set out in table A of the report, total of which amounts to Rs. 3,....