- (1.) The appellant-RIICO albeit a secured creditor has chosen to stay within winding up of M/s. Lath Steels Pvt. Ltd. (now in liquidation). The winding up order was passed by the Company Court on 17.10.2003 and its assets directed to be handed over to the Official Liquidator (hereinafter "OL"). They were then auctioned by the OL on 26.08.2008 for an amount of Rs.459.81/- lacs. The Company Court approved/sanctioned the highest bid aforesaid on 07.07.2010. The property in issue has since been conveyed to the buyer.
(2.) The official liquidator on receipt of the auction amount, invited claims from the secured creditors vide letter dated 22.02.2011. The appellant-RIICO was the only first charge holder and submitted its claim before the O.L. on 08.03.2011 for a sum of Rs.14,76,38,557/- constituted of (i) Rs.14,07,04,854/- as term loan outstanding along with contracted interest as on 15.01.2011 (ii) Rs.34,92,363/- as interest on advance against subsidy as on 28.02.2011 (iii) Rs.33,18,750/- as State capital investment subsidy as on 28.2.2011 and (iv) Rs.1,22,590/- as expenses as on 07.02.2011, aggregating to Rs.14,76,38,557/-. By the OL's determination dated 30.11.2012, of which the appellant-RIICO is aggrieved, its claim only to an extent of Rs.3,84,41,673/- was allowed while that of remainder Rs.10,91,96,884/- rejected. Hence this appeal.
(3.) Mr. Anurag Sharma, AAG appearing for the appellant-RIICO has submitted that the rejection of the RIICO's claim for an amount of Rs.10,91,96,884/- is unreasoned, perverse as RIICO ought to have been entitled to disbursement of the entire amount of Rs.459.81/- lacs and accrued interest thereon as it was the only first charge holder. It has been further submitted that the determination dated 30.11.2012 mechanically only records that the said amount was not payable in view of it not being "lodged in accordance with law" and is opaque and unsustainable. It has been submitted that in the circumstances, the OL be directed to pay the entire amount of Rs.459.81/- lacs received from the sale of the fixed assets of the Company in liquidation along with interest accrued since its receipt to RIICO.;