Icici Bank Limited. v. Synthetic And Chemicals Limited Through Official Liquidator And 16 ORS.

2-CA123-2019INCP99-2000.DOC Santosh

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO. 123 OF 2019 IN COMPANY PETITION NO. 999 OF 2000 SANTOSH SUBHASH KULKARNI ICICI Bank Limited ...Applicant In the matter between Purshottam Hindi Bhavan Nyas Samiti

...Petitioner

Versus

M/s. Synthetic & Chemicals Ltd. (In Liqn.) & ors.

...Respondents

SANTOSH SUBHASH KULKARNI Date: 2023.02.03 14:43:45 +0530 Mr. Rohit Gupta, a/w Ms. Khushboo Soni, i/b Manilal Kher Ambalal & Co., for the Applicant.

Mr. Venkatesh Dhond, Senior Advocate, a/w Mr. Karl Tamboly and Mr. Ashish Pyasi, i/b PRS Legal, for Respondent No.1 in IAL/6170/2021 and IAL/8978/2020 and for Applicant in IAL/18878/2022.

Mr. Dhiraj Chavan, a/w Sagar Pillai, i/b Deven Dwarkadas & Partners, for DRT Court Receiver.

Mr. Anil Singh, ASG, a/w Mr. Chaitanya Chavan, Mr. Aditya Thakkar, Ms. Bhavana Dubepatil, i/b Jay and Co., for the Intervenor - Applicant in IAL/6170/2022.

Mr. Ramesh Dube Patil, i/b Advait Kulkarni, i/b Jay and Co., for the Intervenor.

Mr. Shanay Shah, for the Official Liquidator.

CORAM:

N. J. JAMADAR, J.

DATED :

2nd FEBRUARY, 2023 PC:- 1.

The applicant has preferred this application seeking directions to respondent Nos.2 to 17 to reimburse the expenses incurred by the applicant towards security charges, valuation 1/2

2-CA123-2019INCP99-2000.DOC and other expenses to preserve the assets of respondent No.1 Company (in liquidation).

2.

An affidavit-in-reply is filed on behalf of respondent No.2. 3.

In paragraph 5 of the affidavit, respondent no.2 contends, inter alia, as under:

"5.

....... It is humbly submitted that after due consideration of the facts and circumstances and extant laws a decision has been taken by the Lenders in their Joint Lenders Meeting ("JLM") dated November 13, 2017 wherein the said payment issue of the Applicant alongwith other crucial interests of the Respondent Company were discussed in detail and it was decided that "the Distribution of any sale proceeds will be post appropriation of expenses" which clearly indicates that upon sale of assets of the Respondent Company, the reimbursement of the expenses incurred by Applicant would be released. ...."

4.

In view of the aforesaid statement, the learned Counsel for the applicant submits that the applicant does not wish to further prosecute the application at this stage as the lenders have agreed to reimburse the expenses of the applicant. 5.

Resultantly, the application stands disposed. [N. J. JAMADAR, J.] 2/2