Ajay Rastogi, J. - (1.) Instant application has been filed by Official Liquidator of M/s Rathi Alloys and Steel Ltd. U/r 275 of the companies (Court) Rules, 1959 seeking permission for making payment of interim dividend to secured creditors of Co. (in liquidation).
(2.) It has been averred in the application that in Company Petition No. 36/2000, winding up order of M/s Rathi Alloys and Steel Ltd was passed on 24/08/2001 and the applicant OL was appointed as official liquidator from the date of order for conducting the winding up proceedings.
(3.) It has been prayed that while leaving apart amount being claimed by the workmen as referred to in prayer Clause (ii) which still requires to be adjudicated, available funds of Rs. 32 Crores (Thirty Two) may be distributed as interim payment of dividend to secured creditors against their admitted claims referred to para 5 of instant application; and as regards claims of workers, it will be examined in terms of Sec. 529A of Co. Act. It has also been prayed for keeping the remaining balance amount after excluding the amount as proposed in prayer Clause (ii) and (iii), for disbursement to the creditors alongwith sale proceeds of assets (yet to be realized) as referred to in para 7 of instant application. Permission has also been sought for opening dividend account of Co. (in liquidation) with Punjab National Bank and to encash the FDRS and transfer amount of Rs. 32 (Thirty Two) Crores into the dividend account for making payment of interim dividend to secured creditors through A/c payee cheques.;