Ifci Limited v. Official Liquidator Of M/S. Unique Oil India Ltd.

1 /2CA-472-16-34 Nalawade

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION NO.472 OF 2016 IN COMPANY PETITION NO. 267 OF 1993 WITH OLR NO. 38 of 2017 /Liqn. IX IFCI Limited.

...Applicant.

vs.

Official Liquidator of M/s. Unique Oil India Ltd.

...Respondent.

Mr. M. Aithe Company Prosecutor of the Official Liquidator.

Mr. Nikhil Rajani i/by V. Deshpande & Co. for the Applicant.

Mr. Nirman Shah for the SICOM.

CORAM :A.S.GADKARI, J.

DATE : 7th July, 2017 P.C.

1.

Heard the learned counsel for the respective parties.

2.

In view of the inter institutional meeting held on 6.7.2004 and the decision arrived at between the parties the sale proceeds of plant and machinery are to be distributed on pro rate basis. Mr. Nikhil Rajani appearing for the applicant on instructions concedes to the prayer clause (a) of the OLR No.38/2017. In view thereof, the Company Application No.472 of 2016 does not survive and is disposed off.

3.

Perused the report of the Official Liquidator and for the reasons stated therein the Official Liquidator's

2 /2CA-472-16-34 report No.38 of 2017 is allowed in terms of prayer clause (a) to (e).

4.

The Official Liquidator is hereby directed to distribute the said amount as expeditiously as possible and not later than 4-weeks from today.

(A.S.GADKARI, J.)