- (1.) In this letter for direction the Official Liquidator had sought directions for declaring and making payment of dividend to the 1572 workmen and for ancillary orders. Copies of the letter for directions were required to be served on the two secured creditors. Bihar State Financial Corporation and State Bank of India. The workers have also joined in and challenged the finding of the Official Liquidator that only a sum of Rs. 4.47 crore (approx) was payable to the workers after accepting the permissible claims of the secured creditors.
(2.) The Official Liquidator claimed that the total fund for distribution is a sum of Rs. 11.90 crore. After deducting expenses incurred and payments made, including to Bihar State Financial Corporation (BSFC), the closing balance in the hands of the Official Liquidator as at February 28, 2007 appears to be a sum of Rs. 10,97,28,622/-.
(3.) The workers submit that the workers have a right at par with BSFC and ahead of State Bank of India as regards the fixed assets of the company in liquidation.;