The Official Liquidator, v. Nil

Company Application No.74 of 2022 in C.P.No.174 of 2001 M.SUNDAR,J.

Captioned company application has been taken out by Official Liquidator attached to this Court (hereinafter 'OL' for the sake of convenience and clarity) inter-alia with a prayer for disbursement of dividend at the rate of 5 paise in a rupee to workmen besides payment to secured creditor/Indian Bank.

2. Adverting to report of OL dated 09.03.2022 filed in support of captioned company application, Mr.Bavisetti Sridhar, learned Deputy Official Liquidator (hereinafter 'Dy OL' for the sake of convenience and clarity), who is before this Court on behalf of OL, submits that acceding to the prayer in the captioned company application would only accelerate and further the liquidation process. Learned Dy OL draws the attention of this Court to paragraph 12 of report, which reads as follows:

'12. That the details of proposed disbursement of dividend to the workmen and Indian Bank are as follows:

S.No.

Category Admitted Amount (in Rupees) 5 paise in a rupee Proposed dividend @ 0.4 paise in a rupee Total amount in Rupees.

1.

workmen 22,73,309 1,13,665 9,093 1,22,758.00 2.

workers 4,17,06,720 1,66,827 1,66,827.00 3.

Secured creditor 1 29,74,21,428 11,89,686 11,89,686.00 4.

34,36,74,766 1,13,665 13,65,606 14,79,271.00 Further, the list of the said proposed disbursement to 291 creditors is enclosed as "Annexure-D" for the kind approval of this Hon'ble High Court.

3. This Court having perused the affidavit and having heard Dy OL is of the view that acceding to the prayer in the captioned company application would only further disbursement which is part of the process of liquidation.

4. In the light of the narrative thus far, captioned company application is ordered as prayed for. There shall be no order as to costs.

22.04.2022 mmi

M.SUNDAR.J mmi Company Application No.74 of 2022 in C.P.No.174 of 2001 22.04.2022