The Official Liquidator, High Court, Madras v. Nil

in C.P.No.60 of 1974 C.SARAVANAN, J.

The company was ordered to be wound up by this Court on 14.02.1975 in C.P.No.60 of 1974. The report of the Official Liquidator indicates that about 112 claims were received from various creditors and about 84 claims were adjudicated and admitted and about 28 claims were rejected for non-submission of the documentary evidence to substantiate the claim.

2. By an order dated 11.12.2020, this Court has passed an order by permitting the Official Liquidator to disburse 100 paise in a rupee to 75 workmen creditors and one secured creditor (TIIC) and 50 paise in a rupee on the ordinary creditor.

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3. This application has now been filed for the following relief:

(a) Take this report on record, (b) To permit the Official Liquidator to declare and disburse final dividend @ 50 paise in a rupee on the admitted amount for Rs.3,77,492/- as per the list of 8 ordinary creditors as "Annexure-B" to this report. (c) To permit the Official Liquidator to declare and disburse interest @ 4% on the admitted amount to 75 workmen creditors for Rs.2,96,416/- as per list of workmen creditors as Annexure-C.

(d) To permit the Official Liquidator to declare and disburse interest @ 4% on the admitted amount to Secured Creditor for Rs.5,69,193/- as per list of Secured Creditor (TIIC) as Annexure -C.

(e) To permit the Official Liquidator to open a separate dividend account for Rs.12,43,102/- with Punjab National Bank, NSC Bose Road, Chennai for disbursement of dividend to 84 creditors as mentioned in para 8 & 9 of this report.

(f) To permit the Official Liquidator to keep the dividend account open for two months from the date of opening and to transfer the unpaid amounts, if any, to the account of Registrar of Companies, Tamil Nadu, Chennai as per the provisions of Section 555(1) and (3) of the Companies Act, 1956.

(g) To permit the Official Liquidator to dispense with causing publication regarding declaration/disbursement of dividend, since the disbursement is to be made to 84 creditors only and (h) To permit the Official Liquidator to incur 2/5

the expenses in connection with declaration/disbursement of dividend from and out of the funds of the Company in liquidation.

4. The surplus that remains in the hands of the Official Liquidator as on 12.12.2023 is Rs.14,57, 771. Since sufficient funds are available, the Official Liquidator has filed this application to pay further dividend at 50 paise in a rupee on the admitted amount of eight ordinary creditors for a sum of Rs.3,77,492/-. As per the list of ordinary creditors in Annexure B to the report and to declare and disburse 4% interest on the admitted amounts to 75 workers from the balance of Rs.10,80,278/- in terms of Rule 179 of the Companies (Court) Rules from 14.02.1975 i.e., the date of winding up till 25.11.1997 i.e, the date of final declaration of the dividend which is calculated arrived at Rs.2,96,416 and to disburse 4% interest on the admitted amount to Secured Creditor (TIIC) 4% interest from 14.02.1975 i.,e date of winding up to 11.12.2020 i.e, date of final declaration of dividend which is arrived to the tune of Rs.5,69,193/-.

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5. The reasons stated in the report is accepted and accordingly there shall be a direction as prayed for.

6. This Company Application stands allowed with the above observations.

05.01.2024 jas C.SARAVANAN, J.

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jas in C.P.No.60 of 1974 05.01.2024 5/5