Hemant Gupta, J. - (1.) M /s. Oswal Agro Furane Ltd. (hereinafter referred to as "the company in liquidation") was ordered to be wound up by this Court on 4 -5 -2001, on the recommendations of the Board for Industrial and Financial Reconstruction. The Official Liquidator attached to this Court was appointed as liquidator of the said company.
(2.) THE sale of assets of the company in liquidation was confirmed in favour of the highest bidder M/s. K.R.B.L. Ltd. for a total sum of Rs. 15.80 crores. C.A. No. 753 of 2003, was filed on behalf of the workers' union of the company in liquidation to keep the said amount of sale consideration in a fixed deposit. The entire amount of sale consideration along with interest accrued thereon was ordered to be kept in a fixed deposit vide order dated 16 -1 -2004, passed by this Court. The workers' union filed application bearing C.A. No. 432 of 2004 on or about 6 -7 -2004, that in view of Section 529A of the Companies Act, 1956 (for short "the Act"), the claims of the workers have to be satisfied in full. It may be noticed that prior thereto the Official Liquidator has invited claims from the creditors and workers by publishing the claim notice in the newspapers on 20 -3 -2004. It was pointed out in the application that the workers have lodged their claims with the Official Liquidator but no action has been taken by the Official Liquidator to settle the claims of the workmen. In reply to such application, the Official Liquidator stated that for the purposes of settlement of such claims, the Official Liquidator has to appoint a chartered accountant for the scrutiny of the claims of the workers as well as the creditors. It was pointed out that quotations from various chartered accountants were called and 13 chartered accountants have given their offers. Keeping in view the said stand of the Official Liquidator, this Court passed the following order on 26 -8 -2004: This is an application filed by the workers of Oswal Agro Furane Ltd. with the prayer that the Official Liquidator be directed to settle their claim expeditiously. In reply to the application, the Official Liquidator has stated that the chartered accountants for the scrutiny of claim of the workers as well as other creditors has to be appointed and in this connection quotations from various chartered accountants who are on panel of the Official Liquidator were called on 12 -7 -2004. The Official Liquidator has received as many as 13 quotations. It has been prayed on his behalf that two weeks time be given to finalise the appointment and the rates of payment of the chartered accountant and then the claim of the workers shall be taken up for final settlement. In view of the above, the application is disposed of with a direction to the Official Liquidator to finalise the appointment and rates of payment of chartered accountant. Thereafter, on the basis of the report submitted by the approved chartered accountant, the claims of the workers and others be settled as early as possible.
(3.) M /s. A.K. Chadda and Company, the chartered accountants were assigned the task of scrutinizing the claims of the workers by the Official Liquidator. The said chartered accountant has given his report on 21 -4 -2005.;