2015 (6) TMI 1166

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....for the Petitioner. Mr Naushad Engineer for Official Liquidator. Ms Prathibha Ramaswamy Asstt O.L. Present Ms Vaishali Bhilare for Respondent ORDER This application is for setting aside the adjudication of the Applicant's claim by the Official Liquidator. The Applicant had originally filed a proof of debt for a sum of Rs. 45,25,598/- comprising of principal amount of Rs. 22,76,366/- and ....

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.... of Rs. 21,27,82,666/-. Secondly, the Applicant also seeks declaration in respect of its claim of Rs. 23,88,857/- towards safeguarding of the assets of the Company in liquidation together with interest as on 1 March 2011, which amounts to Rs. 1,10,32,733/-. 2 On the first issue, namely, the entitlement of the Applicant to recover any sum against the company in liquidation on the basis of a decree....

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....rential dues under Section 530 of the Act. Until the distribution of dues thus has been accomplished and it is ascertained that there are surplus funds after such distribution, there is no question of awarding any interest on the dues of any creditor. There is no case here of any such surplus funds as of date. The original adjudication by the Official Liquidator of the proof of debt submitted on 2....

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.... Liquidator shall adjudicate this claim within a period of three weeks thereafter; (d) After adjudicating the claim, the Official Liquidator shall submit its final report concerning the adjudication of the claims received by it, so far, to enable this Court to ascertain the distribution of dues in accordance with the provisions of Law; (e) The Applicant will be at liberty to apply for payment ....