- (1.)Heard learned advocate Mr. Pathik Acharya, for the applicant and learned advocate Mr.Bharat Jani for the Respondent.
(2.)The Official Liquidator has filed present report with the following prayers :
"a) This Hon'ble Court may be pleased to permit the Official Liquidator to disburse the amount of Rs.1,20,00,000 .00.00 to IDBI Bank Ltd. towards full and final claim u/s. 529 (A) of the Companies Act , 1956 subject to filing usual undertaking by IDBI Bank Ltd.

b) This Hon'ble Court may also be pleased to permit the Official Liquidator to pay advertisement bill of Rs.42,115.00 of M/s. Global Network Advertising, the Advertising - Agency towards advertisement expenses.

c) Such other and further orders and directions as may be considered just and appropriate may also be passed."

(3.)Record indicates that pursuant to an order dtd. 21/12/2017 passed in Company Petition No.74 of 2013, the Official Liquidator, attached to this Hon'ble Court has been appointed as Liquidator of the Company in Liquidation with directions to take possession of assets and properties of the Company and in compliance of the said order the Official Liquidator has published notice of winding up order in newspapers namely "Gujarat Samachar" Gujarat Daily in Surat Edition and in 'Indian Express" English Daily in Ahmedabad Edition on 12/1/2018.
3.1 It is also indicated that the Respondent herein IDBI Bank has filed an affidavit dtd. 11/2/2015 in Company Petition No.74 of 2013 before this Court that in terms of Sec. 20(4) of the Sick Industrial Companies (Special Provisions) Act, 1985 and as per the order dtd. 30/5/2008 passed by BIFR they have disposed off the assets of the Company, being Operating Agency and realized Rs.1,27,00,000.00 from the sale of assets.