M/S.Midwest India Industries Ltd.(In Liqn.) v. M/S.Midwest India Investors Welfare Association,

The Hon'ble Sri Justice C.V.Nagarjuna Reddy Company Application No.1271 of 2015 Date: 21.09.2015 Between:

M/s.Midwest India Industries Ltd (in liqn.) rep. by the Official Liquidator ..... Applicant and M/s.Midwest Indis Investors Welfare Assn., rep. by its President Sri K.Nanjundappa

...Respondent

Counsel for the applicant: Sri M.Anil Kumar, Counsel for OL Counsel for the respondent: None Appeared The Court made the following:

O r d e r :

This Company Application is filed to permit the Official Liquidator (i) to operate the second interim payment account, which was opened by him for making payment to the depositors, for a further period of four months and (ii) to make the

payment to the five depositors, whose claims were received belatedly and the delay was condoned by this Court, on par with other deposit holders @ 100 paise per Rupee on the face value of the deposits, which would work out to Rs.2,78,000/- in respect of 18 deposits.

This Court, in all, granted 13 months' time to the Official Liquidator for adjudicating the claims and operating the second interim payment account. While extending time by three more months, this Court vide Order, dated 06-04-2015, in Company Application No.385 of 2015, observed that no further extension of time will be entertained. In spite of the same, the Registry has entertained this Application, which it ought not to have.

Be that as it may, Mr.M.Anil Kumar, learned Counsel for the Official Liquidator, has made a strong appeal for extending the time finally by stating that in view of entertaining the belated claims of five depositors concerning 18 deposits and shifting of the office of the Official Liquidator to a far-off place, the Official Liquidator could not

adhere to the extended time limit.

Though this Court is not convinced with the reasons assigned by the learned Counsel for the Official Liquidator, however, keeping in view the interests of the depositors, it is inclined to extend the time by three more months from today by making it very clear that no further extension, for any reason whatsoever, will be granted.

The Registry is directed not to entertain any further application for extension.

The Company Application is ordered accordingly.

______________________ (C.V.Nagarjuna Reddy, J) Dt: 21st September, 2015 Lur