2000 (9) TMI 1087

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....ONDENT ORAL ORDER 1. Heard learned counsel Mr. Vasavada for the petitioner Textile Labour Association, Official Liquidator, learned counsel Mr. R.M.Desai for respondent no.2 State Bank of India- secured creditor and Mr. B.C. Gandhi, learned counsel for respondent no.3 I.I.B.I. The petitioner has taken out this Judge's Summons with a prayer to grant reliefs (a) to (d) as prayed for in the....

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.... implement the ad hoc arrangements arrived at and mentioned hereinafter, this order is being passed. 4. The parties, except the OL, have agreed and consented for the same and, therefore, following order is passed :-  (i) It is without adjudicating the rights of the parties and without deciding the merits of the case and only with a view to see that the workers with the consent of ....

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....submitted to the OL and not verified by the Chartered Accountant.The submission of the claim will be without prejudice to the contentions raised by the secured creditors and workers in pending O.J. Appeal No. 46/99. (iv) As regards the disbursement is concerned, the OL submits that amount of Rs. 1.38 Crores ( Rs. One Crore Thirty Eight Lacs only ) is lying with him. Out of the same, he wi....

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....nsible for any wrong payment made. The OL is permitted to open new Dividend Account. The OL shall also issue cheque to State Bank of India for the sum of Rs. 60 Lacs ( Rs. Sixty Lacs only), which will be appropriated by the State Bank of India, IIBI towards their claim against the Company in Liquidation. The OL is directed to make the aforesaid payment as expeditiously as possible and preferably w....