Ajay Rastogi, J. - (1.) INSTANT application has been filed by Official Liquidator of M/s San India Electro Chem (P) Ltd U/r 275 of the Companies (Court) Rules, 1959 for declaration of dividend to the secured creditOrs.
(2.) IT has been averred in the application that in Company Petition No. 24/1996, winding up order of M/s San India Electro Chem (P) Ltd was passed on 20/03/1997 and the applicant OL was appointed as official liquidator from the date of order for conducting the winding up proceedings. It has further been averred that entire assets of the Company in liquidation were sold by Secured Creditors (RIICO) and as per order dt.15/04/2005 passed by Division Bench in Special Appeal (Civil) -46/2003 & Civ. Msc. Stay Appl. -832/2003, the RIICO deposited sale proceeds through cheque dt. 26/06/2006 with the applicant OL; and after seeking prior approval from the Company Court vide order dt. 06/09/2006 in Co. Appl.32/2006, the claims were invited from the creditors of Company in liquidation vide wide publication through news papers (Times of India, Delhi Edn, Rajasthan Patrika (All Rajasthan Edn) and Dainik Angad Bundi Edn.).
(3.) IT has also come on record that there are only two secured creditors viz. Rajasthan Financial Corporation and RIICO and three other unsecured creditors of the Company in liquidation, who had submitted their claims, which after being examined, has been rejected by applicant OL - details whereof are mentioned in para 6 of instant application.;