Madras High CourtCOMP.A/60/2014

Ismt Limited v. Nagarjuna Oil Corporation

2017-02-15Honourable Mr Justice T. S. Sivagnanam3 pages

Comp.A.Nos.60, 61 of 2014 and Comp.A.Nos.48 to 53 of 2020 and Comp.A.No.434 of 2019 in C.P.No.53 1995 C.SARAVANAN, J.

The Deputy Official Liquidator has filed a Fresh Memo dated 15.03.2024 and has given a fund position in Paragraphs 3 to 6. It reads as follows:- "3. That the Official Liquidator submits that the Hon'ble High Court, Madras vide order dated 13.02.2023 made in C.A.No.434/2019 and 48 to 53/2020 directed the Official Liquidator to pay a sum of Rs.54,40,320/- as per Samadhan Scheme of CTO and Rs.1,25,32,873/- to SIPCOT. A copy of the said order dated 13.02.2024 is enclosed herewith as Annexure-A. In compliance to the said order Official Liquidator had opened a dividend Account for Rs.1,79,73,194/-. Accordingly payment to CTO for Rs.54,40,320/- has been made by Official Liquidator vide cheque No.422301 dated 15.02.2024 in favour of "The Assistant Commissioner (ST), T.Nagar Assessment Circle.

4. It is to further state that the Hon'ble High Court, Madras vide order dated 16.02.2024 made in C.A.Nos.60 and 61 of 2024 had directed the Official Liquidator to defer the payment of Rs.1,25,32,873/- to SIPCOT. Hence no

payment was made to SIPCOT. Copy of the said order is enclosed herewith as Annexure-B.

5. The Official Liquidator submits that, a dividend Account was opened for Rs.1,79,73,194/- after making payment to CTO an amount of Rs.1,25,32,874/- is available in the said dividend Account. In addition an amount of Rs.1,10,59,832/- is available as cash balance to the credit of the company as on date.

6. In view of the above, it is submitted that this office will be able to make payment 100% on admitted amount to SIPCOT viz., Rs.1,25,32,873/-."

2. The learned counsel for SIPCOT submits that he has instructions to report that SIPCOT has no objection to receive a sum of Rs.1,25,32,873/-.

3. In view of the above, a sum of Rs.1,25,32,873/- is directed to be paid to SIPCOT.

4. List this case on 01.04.2024.

18.03.2024 arb

C.SARAVANAN, J.

arb Comp.A.Nos.60, 61 of 2014 and Comp.A.Nos.48 to 53 of 2020 and Comp.A.No.434 of 2019 in C.P.No.53 1995 18.03.2024