D.Y. Chandrachud, J. - (1.) The genesis of this set of proceedings dates back a decade, when steps were initiated for protecting the interests of the employees and other stakeholders of Super Bazar, a Multi-State Cooperative Society, through a revival scheme under the supervision of this Court. Super Bazar incurred huge losses on account of irregularities in management and was unable to make payments towards arrears of wages, pensions and other benefits to its employees. It was unable to discharge its liabilities towards other stakeholders as well. Pursuant to an order dated 5 July 2002 issued by Central Registrar of Co-operative Societies, Super Bazar went into liquidation. The order of liquidation was challenged by the Employees' Union before the Delhi High Court. Eventually, proceedings came to this Court by way of Special Leave Petitions. In order to preserve the interests of all the stakeholders, this Court constituted a three-member committee to prepare and submit a comprehensive scheme for revival. The Committee identified three bidders. Out of them M/s Writers & Publishers Pvt. Ltd. ("WPL") was recommended by the Committee for managing the affairs of Super Bazar. On 26 February 2009, this Court accepted the report of the Committee. The bid document submitted by WPL set out its financial capacity and the funds which it would infuse for revival. Under the revival plan, WPL proposed to invest an amount of Rs. 504 crores, comprising of Rs. 102 crores towards share capital, Rs. 276 crores towards working capital and Rs. 126 crores for revival and revamping.
(2.) The revival scheme was intended to obviate an order of winding up. On 7 May 2008, this Court recorded that all the unions representing the workmen had identified and agreed that the outstanding dues payable to workers amounted to Rs. 54.31 crores, as on 31 December 2007. On 14 July 2009, WPL took over charge of the administration of Super Bazar and began managing the affairs.
(3.) In a subsequent order dated 13 August 2010, this Court observed thus: "(ii) In terms of our order dated 7th May, 2008, an amount of Rs.54.31 crores, being arrears of wages up to 31st December, 2007, was directed to be disbursed by the highest bidder. Rs.55 crores stand deposited by the highest bidder. The sum of Rs.20 crores out of Rs.55 crores which lies with the Registry of the Supreme Court, will be disbursed by the Official Liquidator and the nominee of the Central Registrar Co-operative Societies in the presence of one Union representative of each Union within four weeks from today. The representative of the highest bidder will also remain present in the said meeting. It is made clear that the workers will sign the receipt of payment, which will be adjusted towards the arrears of Rs.54.31 crores. (iii) As far as the balance amount is concerned, we are directing the highest bidder to file an affidavit containing an Undertaking that within a period of eight weeks, from the date of constitution of the Board of Directors after the elections, the balance amount will be disbursed to the workers. This will cover arrears of wages up to 31st December, 2007.";