GANDHARB SINGH BHADWAL Vs. M/S. MC DOWELL KREST FINANCE LTD. AND ORS.
LAWS(SC)-2017-9-128
SUPREME COURT OF INDIA
Decided on September 08,2017

Gandharb Singh Bhadwal Appellant
VERSUS
M/S. Mc Dowell Krest Finance Ltd. And Ors. Respondents

JUDGEMENT

A.K. Sikri, J. - (1.) We have heard appellant, who appears in-person, as well as the learned counsel appearing for the respondents.
(2.) The facts in brief are that the appellant had deposited a sum of Rs. 55,000/- with respondent No. 1 company on the terms that respondent No. 1 company shall pay interest at compound rate of 15.19% p.a. plus 4% incentive, on the said deposit. The term of the deposit was five years. However, the amount was not refunded to him by respondent No. 1 company. Respondent No. 1 company went into liquidation in the meantime as a result of the order of winding up passed by the High Court of Madras. In these circumstances, the appellant filed a claim for refund of his amount before the official liquidator on 24.02.2004. However, we do not find any reasonable reason from the official liquidator. We may only record that the official liquidator is supposed to liquidate the debts of the company after realizing the assets in accordance with the preferences/priorities which are mentioned in section 530 of the Companies Act, 1956. The appellant was not secured. Presumably, there were no funds with the official liquidator to distribute the dividends to unsecured creditors like the appellant.
(3.) Be that as it may, the appellant had filed a complaint under Section 200 Cr.P.C., 1973 seeking directions for getting the FIR registered under Sections 420, 406, 409 and 120B IPC.;


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