Bank Of India v. Official Liquidator H.C. Madras Liquidator Of J. K. Pharmachem Ltd.

CRR.197/15 & 339/15S.3409/2002(901 & 902) mnm

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION COURT RECEIVER'S REPORT NO. 197 OF 2015 WITH COURT RECEIVER'S REPORT NO. 339 OF 2015 IN SUIT NO. 3409 OF 2002 Bank of India ...Plaintiff Vs.

The Official Liquidator attached to Hon'ble Madras High Court, the Liquidator of M/s. J.K. Pharmachem Limited (in liquidation) & Ors.

...Defendants Mr. O.A. Das, Advocate for the Plaintiff Mr. S.S. Deshpande, Court Receiver CORAM : MRS. ROSHAN DALVI, J.

DATED : 9TH JUNE, 2015 P.C. :

1.

The Court Receiver has submitted his statement of account. It shows Rs.31.81 crores being received on the sale proceeds in 2009. It shows Rs.33.85 crores having been paid to the plaintiff from time to time between 2011 and 2015. This amount includes the interest on the amount received and invested. The Court Receiver has also shown four fixed deposit receipts in Dena Bank and Allahabad Bank. The fixed deposit in Allahabad Bank is required to be paid essentially for the fees of the Valuer which is Rs.17.33 lakhs. There are

CRR.197/15 & 339/15S.3409/2002(901 & 902) three other fixed deposit receipts in Dena Bank of Rs.50 lakhs each.

2.

The Court Receiver shall return the balance amount lying to the credit of the above suit being Rs.1.5 crores on the three fixed deposit receipts in Dena Bank and the part of the amount of fixed deposit receipt in Allahabad Bank to the plaintiff with all accrued interest thereon expeditiously upon deducting his costs, charges and expenses.

3.

Advocate for the plaintiff accepts the above statement of account. Consequently my previous order rejecting the statement of account is recalled.

4.

Copy of this report is also served upon the auction purchaser. The auction purchaser has yet not taken any steps for obtaining the deed of conveyance in his name. Since the auction was confirmed in 2009 and no steps are taken, the Court Receiver stands discharged.

5.

The plaintiff shall pay the costs of the above report fixed at Rs.3000/- each which shall be deducted as above. 6.

The Court Receiver's reports are disposed off accordingly.

(ROSHAN DALVI, J.)