IN THE MATTER OF M/S.NAVINON LIMITED Vs. M/S.INDIAN LINK CHAIN MANUFACTURERS LIMITED
HIGH COURT OF BOMBAY
In The Matter Of M/S.Navinon Limited
M/S.Indian Link Chain Manufacturers Limited
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(1.) By this report, the learned official liquidator seeks permission to keep the provision of Rs.23,40,49,334/- towards the payment of Employees Provident Fund Office of Thane, Kandivali, Bandra and Vadodara against their claims i.e. from Punjab and Maharashtra Co-operative Bank Ltd. at the rate of 93.02% for Rs.21,77,12,691/- and from UCO Bank at the rate of 6.98% for Rs.1,63,36,643/- and seeks direction against the Employees Provident Fund Office Kandivali to deposit an amount of Rs.1,12,93,011/- being excess amount alleged to have been paid by the learned Official Liquidator against their admitted amount of Rs.5,54,64,810/-. The Official Liquidator also seeks permission to pay dividend at the rate of 2.504 paise in a rupee, amounting to Rs.28,29,640/- on movable assets and at the rate of 41.024 paise in rupee amount to Rs.4,63,59,090/- on immovable properties i.e. totalling to Rs.4,91,88,730/- to 385 workers.
(2.) The Official Liquidator seeks further permission to declare further dividend to 3348 works and Punjab and Maharashtra Co-operative Bank Ltd. for sum of Rs.33,89,11,654/- on immovable properties at the rate of 10.882 paise in a rupee whose claims were admitted as per the certified list and 1st to 6th Supplementary List filed with the Prothonotary and Senior Master of this Court and to issue an advertisement for 'Notice of Declaration of Dividend' in various newspapers and to pay the advertisement charges, open a 'Separate Dividend Account' with Punjab National Bank, PNB House, Fort, Mumbai for a consolidated amount of Rs.41,10,65,789/- for payment of 385 workers etc.
(3.) Learned Official Liquidator seeks permission against UCO Bank and against Punjab and Maharashtra Co-operative Bank Ltd. to pay various amounts towards Central Government Commission payable under Rule 291 of the Companies (Court) Rule, 1959 and to pay further amounts of payment of dividend to workman and secured creditors.;
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