The Official Liquidator v. Nil
Krishnan Ramasamy,J., This Company Application is filed seeking for following prayer:- a) To take this report on record.
b) To permit the Official Liquidator to pay a sum of Rs.14,66,325/- to the advertisement agency, viz., Express Publication (Madurai) Limited, Chennai towards publication expenses as shown in para (2) of this report from the Common Pool Fund/Companies Fund of Official Liquidator and the said amount to be recouped to common pool fund/companies account as and when the publication expenses amount has been received from the secured creditors. c) To pass orders as this Court may deem fit and proper in the case.
2. Ms.B.Ambili, learned Deputy Official Liquidator by referring to the report filed by her would submit that as per the direction issued by this Court, learned Official Liquidator has caused publication in New Indian Express and Dinamalar, inviting claims from various creditors, pursuant to which, secured creditors of nine companies took possession of the assets of the Company in liquidation, the details of which is given in the tabular column infra:- 1/4
Sl.
No.
Name of the Company Names of the respondent/secured creditor C.A.No.
Order dated Advertise ment Amount Fund position Aryas Paper and Board Mills P. Ltd Asset Reconstruction Company India Limited, Mumbai.
74/2021 & 269/2023 17.11.2023 1,54,350 6,808 Muthukumar asamy Textiles Limited Asset Reconstruction Company India Limited, Mumbai.
211/2021 19.1.2023 1,65,375 4,159 Indo International Limited Edelweiss Asset Reconstruction Company Limited, Mumbai 52/2021 9.2.2023 1,65,375 1,93,880 Brain Smart Media and Advertising P. Ltd Axis Bank Limited Kodambakkam, Chennai - 24 182/2021 3.2.2023 1,65,375 47,170 Merit Spinners P.
Ltd Asset Reconstruction Company India Limited, Mumbai 8/2022 10.2.2023 1,65,375 Nil Modern Complete IT Store (P) Limited Edelweiss Asset Reconstruction Asset Reconstructio Company Ltd, Mumbai 325/2021 24.3.2023 1,54,350 2,94,770 Kiran Overseas Exports Limited Asset Reconstruction Company India Limited, Mumbai 249/2021 3.2.2023 1,65,375 26030 2/4
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No.
Name of the Company Names of the respondent/secured creditor C.A.No.
Order dated Advertise ment Amount Fund position Ind-Solders and Alloys P.
Ltd Indian Bank, Thiruvanmiyur Branch, Chennai - 41.
53/2022 2.3.2023 1,65,375 4,31,758 Excel Oils andChemical s P.Ltd Asset Reconstruction Company India Limited, Mumbai 20/2021 31.3.2023 1,65,375 Total 14,66,325
3. The learned Deputy Official Liquidator by referring to the report would submit that though the secured creditors of the nine companies were directed by this Court to remit the publication expenses, none of the Companies have come forward to reimburse the amount despite several reminders were sent to them, hence, she seeks permission of this Court to realize the advertisement bill amount in respect of these Companies from and out of the Common Pool Fund/Companies Fund of Official Liquidator and the said amount would be recouped as and when it is realized from the secured creditors, as the Bill is pending for long time and she has been receiving several reminders from the Advertising Agency seeking for settlement of the dues. 4.
The report filed by the Official Liquidator dated 26.06.2024, is taken on record.
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Krishnan Ramasamy,J.,
5. Thus, taking into consideration of the submission made by the learned Deputy Official Liquidator and the report filed by her, this Court is inclined to allow this Company Application.
6. Accordingly, Comp.No.209 of 2024 is ordered, consequent to which, the Official Liquidator is granted permission to settle a sum of Rs.14,66,325/- to the advertisement agency, viz., Express Publication (Madurai) Limited, Chennai towards publication expenses as shown in para (2) of the report, (which is reproduced in Para No.2 of this order) from the Common Pool Fund/Companies Fund of Official Liquidator with a proviso that the said amount has to be recouped to common pool fund/companies account as and when the publication expenses amount has been received from the secured creditors.
11.07.2024 sd 4/4