Permod Kohli, J. - (1.) THIS order shall dispose of Company Application No. 110 of 2006 in C.A. No. 537 of 2005 in C.P. No. 9 of 1994 filed by Parkash Aggarwal and Company Application No. 452 of 2007 in C.A. No. 537 of 2005 in C.P. No. 9 of 1994, filed by Purnima Aggarwal wife of Parkash Aggarwal, as in both these applications, the question of law and facts involved are the same.
(2.) THE applicant in both these applications are the guarantors for the company in liquidation in respect to the loan secured from the State Bank of India as also the Haryana State Financial Corporation. C.A. No. 110 of 2006 has been filed by Parkash Aggarwal, whereas C.A. No. 452 of 2007 has been filed by Purnima Aggarwal wife of Parkash Aggarwal son of Malook Chand Aggarwal, for impleading as party -respondents. It is admitted case of the parties that M/s Malook Chand Agro Oils Limited, a company in liquidation incorporated under the Companies Act, 1956, was ordered to be wound up vide order dated 2.11.1995. The company had secured loan from the State Bank of India as also the Haryana Financial Corporation and these two applicants are the guarantors. Parkash Aggarwal has stated in his application that during the year 2002 -2004, he has paid an amount of Rs. 17,72,123/ - to the Haryana Financial Corporation and Rs. 15,50,530/ - to the State Bank of India as a guarantor of the secured creditors. Another amount of Rs. 53,427/ - was deposited with the Official Liquidator as advertisement costs for the sale of the assets of the company and further an amount of Rs. 1,50,000/ - was paid to the Haryana Financial Corporation on 23.08.2005. This applicant also claimed an amount of Rs. 33,80,080/ - from the Official Liquidator as secured creditor. It has been brought on record that the company in liquidation through its Ex -Management settled with the Haryana Financial Corporation and the State Bank of India for an amount of Rs. 28,32,720/ - and Rs. 65,00,000/ -, respectively, as one time settlement. However, the settlement could not be finalized and the scheme lapsed. Again the Ex -Management settled with the State Bank of India for revised amount of Rs. 85,50,000/ - out of which Rs. 15,50,000/ - was paid by Parkash Aggarwal in his capacity as a guarantor. Similarly a settlement was arrived at with the Haryana Financial Corporation under the scheme known as Compromise Settlement of Chronic Non -Performing Assets of Haryana Financial Corporation 2005 and an amount of Rs. 1,50,000/ - was paid on 23.08.2005 being ten percent of the outstanding amount. However, the Haryana Financial Corporation did not settle the account completely and a Civil Writ Petition No. 1568 of 2006 has been moved by the applicant Parkash Aggarwal in the High Court of Punjab and Haryana at Chandigarh. The Hon'ble High Court vide order dated 1.2.2006 issued a direction to the Haryana Financial Corporation to take a final decision on the applicants' application dated 23.08.2005 as expeditiously as practicable and in any case, not later than six weeks from the date of receipt of the representation.
(3.) IN C.A. No. 452 of 2007 which has been filed by Pumima Aggarwal, she has claimed that the Company in liquidation settled with the State Bank of India as one time settlement under the OTS scheme of the Bank, for a sum of Rs. 85.56 lacs, out of which the applicant has deposited Rs. 19 lacs on 28.03.2006, Rs. 6 lacs on 15.4.2006 and Rs. 5 lacs on 28.05.2006. In all, the applicant has paid a sum of Rs. 30 lacs to the secured creditors. Both the applicants claimed that since they have paid the amount to the secured creditors, they may be impleaded as secured creditors -parties to the proceedings as they have stepped into the shoes of the secured creditors.;