2007 (7) TMI 682

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., Mr. Gandhi for respondent No.7 and Mr.Vasavada for respondent No.8. 3. It appears that as per the report of the OL, the amount of Rs. 2,53,48,891/- is lying as balance of the Company in liquidation and as per the report of the Chartered Accountant, after reverification, the OL has filed a last report dated 25.06.2007 and at para 3, the apportionment as per the report of the Chartered Accountant reads as under: Sr. No. Name of the FI/Bank Claim Amount in Rupees as on 14.10.1993 Ratio proposed in % Claim amount support ed by Annexur e 1. The Industrial Finance Corporation of India Ltd. 31396542 07.16 1 2. ICICI Ltd. 28115986 06.41 2 3. Industrial Investment Bank of India Ltd. 6807639 ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e to be considered for giving effect to the inter se rights of the secured creditors having first charge and second charge etc. Therefore, he submitted that the net effect would be as per the observations made by the Apex Court that only secured creditors having first charge are to be considered for distribution and not the secured creditors having second charge. 8. In the said decision, the Apex Court was considering the rights inter se of the secured creditors having first charge and second charge and it cannot be read for excluding the rights of disbursement/distribution of the secured creditors having second charge at the time when the Court is to consider the question of disbursement/distribution amongst the secured creditors vis-a-....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y submitted that the relevant date would be the date of winding up order and the claim of Vysya Bank is later to the date of winding up and he relied upon the date typed in the affidavit as of 14.10.1995, though in reality, the date is 14.10.1993. Therefore, he submitted that the claim later to the date of winding up order is considered by the Chartered Accountant and the report is defective and therefore, this Court may not rely upon the same. 12.Even if the affidavit of respondent Vysya Bank is kept aside since prima facie it appears to be a typographical error, it appears from the report of OL read with the report of the Chartered Accountant that the claim considered by the Chartered Accountant upto the date are upto the date of windi....