2010 (2) TMI 1260

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....M MODI, MR KM PARIKH FOR THE RESPONDENT ORAL ORDER 1. The Judges' Summons seek a direction for disbursement of sale proceeds of Rs. 86 lacs with interest earned thereon, lying with the Official Liquidator of the Company in liquidation, to the Secured Creditors subject to provisions of section 529A of the Companies Act, 1956. 2. After hearing the parties and perusing the report filed b....

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....an amount of Rs. 81,33,125/- to Bank of Baroda as full and final settlement of amount against their respective claims plus Rs. 1,44,772/- towards reimbursement of the funds made available to Official Liquidator for Advertisement expenses, Security Expenses, valuation charges etc. and Rs. 54,84,375/- to Anyonya Co.Op. Bank Ltd. as full and final settlement of amount against their respective claims ....

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....Bank. Learned Advocate for Official Liquidator has also been heard. 4. In so far as provision made for amount payable to the Chartered Accountant for scrutiny of liquidation Account of the Company to enable the Official Liquidator to initiate action for dissolution of the Company in terms of the provisions of section 481 of the Companies Act, 1956 it was submitted by learned Advocate for respon....

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.... is permitted to distribute the amount to each of the Secured Creditors and the workmen of the sums due to each one of them as stated in paragraph No.4 reproduced hereinbefore. 6. The payment shall be made to Secured Creditors upon completion of all the formalities including furnishing of usual undertaking. Similarly the workmen shall be paid amount due to them and the option shall be exercised....