K.M. Thaker, J. - (1.) THE applicant bank has taken out summons dated 27.1.2010 seeking below mentioned direction: - (A) Your Lordships may be pleased to direct the official liquidator to determine the inter se ratio for the purpose of final distribution between the secured creditors and the workers in a time bound schedule. (B) Your Lordships may be pleased to direct the official liquidator to notify before the Hon'ble High Court the exact amount available for distribution to the secured creditors and the workers. (C) Your Lordships may be pleased to direct the official liquidator to make ad -hoc disbursement of an amount as deemed fit and just by this Hon'ble Court pending hearing and final disposal of this company application. (D)... In support of the summons the applicant has filed affidavit wherein the applicant has stated, inter alia, that: - (a) The company (in liquidation) is ordered to be wound up vide order dated 20.1.2000 passed in Company Petition No. 18 of 1999. (b) In pursuance of the order dated 20.1.2000 the OL look possession of the assets of the company and on 28.2.2008 issued advertisement in the newspapers for disposal of the specified assets of the company. (c) Sale of some of the properties/assets was confirmed, vide order dated 14.10.2008 in favour of the highest bidder viz. M/s. Selco Automotive Limited who offered Rs. 1.90 Crores during the inter -se bidding. (d) In the recovery proceedings initiated by present applicant (i.e. Original Application No. 293 of 2000) learned tribunal passed order dated 12.3.2004 and thereafter also issued Recovery Certificate. On the basis of the Recovery Certificate, the Recovery Officer commenced proceedings under R.P. No. 2060/A to recover the amount awarded by learned Tribunal (i.e. Rs. 12,87,76,858/ - with running interest @ of 12% per annum).
(2.) IN response to the notice by the Court, the OL filed his report dated 20.3.2010 stating, inter alia, that (a) After the sale confirmation order dated 14.10.2008 passed in OLR No. 115 of 2008 vide order dated 30.7.2009 passed in Company Application No. 297 of 2009, OL was permitted to invite claims from the creditors and the workers. (b) In response to the advertisement published on 21.8.2009 OL received claims from the applicant and other creditors and workers, the details whereof are mentioned by OL in his report dated 20.3.2011. In his report OL also declared that after deducting the expenses incurred by office of OL, as on 28.2.2010 sum of Rs. 1,74,65,840/ - remain available for disbursement. The said report of OL was followed by another report dated 24.8.2010 wherein the OL having regard to the amount available for disbursement vis -à -vis the amount claimed by the applicant and other creditors and the workers as well as the disbursement ratio recommended by Chartered Accountant, OL suggested below mentioned pattern for disbursement of the available amount of Rs. 1,75,00,000/ -: -
(3.) AT this stage it is necessary to mention that after the above referred report dated 24.8.2010 was filed by OL, one of the creditors i.e. opponent No. 2 (IDBI) filed affidavit dated 27.9.2010 raising objection against the report and more particularly the application filed by applicant - IFCI. The said opponent also raised objection against the report of the Chartered Accountant and submitted that: -;