M. Katju, J. - (1.) WE have heard Sri V.K.S. Chaudhary assisted by Sri Om Prakash for the appellants and Sri K.L. Grover assisted by Sri Vikram Nath for the respondents.
(2.) THIS company appeal arises out of an order dated 24.5.2002, passed by the learned Single Judge rejecting the objections of the appellants, in this appeal and allowing the application of Punjab National Bank for distribution of the sale proceeds of SIDCO Leather Limited (in liquidation) of prorata basis. The brief facts arises out in this appeal are that the SIDCO Leather Limited (in Liquidation) [in short 'the Company (In Liquidation),] was wound up by an order of this Court dated 16.12.1993. The Official Liquidator was appointed as the Liquidator of the Company. By the orders of the Court the assets of the Company were sold by the Official Liquidator and the sale was confirmed on 24.2.1999. The Official Liquidator in pursuance of the order dated 9.4.2001, issued an advertisement inviting claims for settlement under Rule 148 of the Companies (Court) Rules, 1959, from the creditors and ex -workmen. He submitted a Report No. 13 of 2002 to the Company Court stating that he has received claims from Industrial Finance Corporation of India (IFCI), Industrial Development Bank of India (IDBI), Industrial Credit and Investment Corporation of India (ICICI), Punjab National Bank and seven ex -workers.
(3.) THE financial institutions, namely, IFCI, IDBI and ICICI are secured creditors. They had sanctioned foreign currency loan and term loans on hypothecation and mortgage of the moveable and immovable assets of the Company. Their charges were registered with the Registrar of the Company at Kanpur under Section 125 of the Companies Act, 1956. The details of the loans advanced by IFCI, IDBI and ICICI as fully secured by creating first charge over the first claim of the Company are the details which are as follows : A. Foreign Currency Loan: (i) Name of Institution Amount IFCI DM2,127,565 then equivalent to Rs. 142.36 lakhs (Amount disbursed DM -1, 665,910.202) IDBI Italian Lira 1,380,900,000 then equivalent to Rs. 100 lakhs (Amount disbursed Italian Lira 1,126,078.810) ICICI Italian Lira 1,380,900,000 then equivalent to Rs. 100 lakhs (Amount disbursed Italian Lira 1,161,056,923) B.(ii) Rupee Term loans aggregating Rs. 277 lakhs under Project Finance Participation Scheme (PFPS) in which shares of the institutions are as follows : IFCI -Rs. 112.00 lakhs IDBI -Rs. ll0,00 lakhs ICICI -Rs. 55.00 lakhs (iii) IFCI - Central Investment subsidy of Rs. 25 lakhs;. (iv) Rupee Term loan aggregating Rs. 136.05 lakhs under Project Finance Participation Scheme, Share of loans of the institutions are as follows : IFCI - Rs. 55.02 lakhs IDBI -Rs. 54.02 lakhs ICICI -Rs. 27.01 lakhs (v) Rupee Term loans aggregating Rs. 73.50 lakhs under Project Finance Participation Scheme (PFPS). Share of loans of the institutions are as follows : IFCI -Rs. 29.72 lakhs (disbursed Rs. 18.20 lakhs); IDIB - Rs. 29.18 lakhs (disbursed Rs. 17.86 lakhs); ICICI -Rs. 14,60 (disbursed Rs. 8.94 lakhs).;