Axis Bank Limited v. The Official Liquidator Attached To The Hon'Ble Bombay High Court And Star Matrix Ltd. And ANR (Int

502-CA-218-2019.DOC

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO. 218 OF 2019 IN COMPANY PETITION NO. 756 OF 2014 Axis Bank Limited ...Applicant

IN THE MATTER BETWEEN

Export Import Bank of India

...Petitioner

Versus

The Official Liquidator attached to the Hon'ble Bombay High Court

...Respondent

AND Star Matrix Ltd. & Anr.

...Intending Purchaser/ Third Parties ......

Mr.Chetan Kapadia a/w. Mr.Bhalchandra Palav i/b. Cyril Amarchand Mangaldas for the Applicant.

Mr.Aditya Pimple a/w. Mr.Mahendra Aithe- Company Prosecutor present.

......

CORAM:

R. I. CHAGLA, J.

DATE:

10TH OCTOBER, 2019 PC:- 1.

Not on board. Taken on board.

Trupti

502-CA-218-2019.DOC 2.

By an order dated 25th September 2019, the learned Counsel for the Applicant, had on instructions, stated that an undertaking shall be furnished by the Applicant to the effect that the sale proceeds upon being allowed to be appropriated by the Applicant shall upon the claims of the workmen of the Respondent Company (in liquidation) being adjudicated under Section 529A of the Companies Act, 1956 or Section 326 of the Companies Act, 2013, as the case may be, be satisfied by the Applicant by depositing that portion of the sale proceeds with the Official Liquidator equivalent to the workmen's portion with interest at the prevailing rate. 3.

The Applicant has accordingly filed the undertaking dated 3rd October, 2019 in terms of the above statement, which is accepted by this Court. Accordingly, the said order dated 25th September, 2019 has been complied with and the Company Application is disposed of.

( R I. CHAGLA, J. ) Trupti